Kuwait Aims To Become Major Regional Financial And Trade Hub
2/6/2008 12:55:57 AM Kuwait is planning to build a “City of Silk” at a cost of US$77 billion, in its effort to transform the emirate into a major regional financial and trade hub. The move was also inspired by the ancient Silk Route which once dominated for its strategic value.
Eric Kuhne, managing director of Eric R. Kuhne and Associates, which provided designs for the seaside city, said it would be the largest single real estate development in the Middle East.
Kuwait, with a 10% share of global crude reserves, has been vying to restore its position as the most developed country in the Gulf. The windfall revenues from high oil prices lifted its foreign assets to US$213 billion.
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