Economic experts call for the acceleration of the ‘Northern Financial Zone’ project
KUWAIT CITY, June 14: A general policy entitled, ‘Building an Unique International Economic Zone’, is noted on the main website ‘New Kuwait’– particularly under the area for … Its strategic location near Mubarak Port and the Iraqi-Iranian border was also highlighted as an aspect that could considerably improve the long-lasting success of the zone, comparing it to a contemporary economic free zone. Analyst and economic professional Sultan Al-Jazzaf believes that the Northern Economic Zone will serve the economy in a number of areas; specifically in terms of giving a significant role to the local personal sector, as well as attracting foreign capital, reducing unemployment rates, and helping the State diversify sources of income, particularly with expectations of a large deficit in the general budget of the nation this year due to the price of a barrel of oil falling below the $68 predicted in the budget. He pointed out that the zone will serve the Kuwaiti private sector; therefore, increasing sales for factories and industrial companies, indicating the zone will generate many jobs for young Kuwaiti graduates. Economic expert and former head of Kuwait Contracting Business Union Dr. Salah Bouresli stated the economic zone is a 100 percent sound idea, as it will improve private sector activity by attracting a wide variety of investments, which will add new value to the State budget through fees. He believes this zone will lead to an incredible boom for the Kuwaiti banking sector, which will finance small and large projects developed in the zone.
