Fourth structural plan turns Kuwait into commercial, financial hub: PM Plan provides roadmap for development projects
His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah stressed that Kuwait’s fourth structural plan would further transform the nation into a commercial and financial hub. Patronizing and attending a ceremony to sign the plan, His Highness the Prime Minister expressed his appreciation to the efforts exerted in preparing this new strategy.
His Highness the Prime Minister also praised officials in charge of the fourth structural plan, saying that they took into consideration the current population growth in Kuwait which in return required more projects focusing on economic and financial development.
The plan will contribute to the vision set by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on transforming the country into a regional and an international commercial and financial hub, said the Prime Minister.
Meanwhile, Kuwait Municipality’s Director General Ahmad Al-Manfohi reiterated commitment on achieving the Amiri noble goal of turning the country into a global financial and commercial hub. He made the statement during the signing ceremony of the contract for the Fourth Structural Plan 2040, with the international leading consultancy office of Perkins and Will Global, jointly with the Dar Al-Handasah for design and consultancy.
The Municipality has embarked on steps, in cooperation with the Kuwait Direct Investment Promotion Authority (KDIPA), for identifying the financial areas in the country where foreign firms will be allowed to operate with no local agents, and permitted to own these areas with tax and customs exemptions, Manfohi said.
He added that there are other government bodies involved in the process, like the Ministries of Commerce and Industry, and Finance, offering administrative facilities to the foreign firms in these areas.
According to Manfohi, the Municipality has submitted a report to the Higher Committee for the Structural Plan and Great Construction Projects on the irregularities of the Third Plan, and how to avoid them in the new one. He boasted the fact that the Gulf Cooperation Council (GCC) Secretariat had entrusted the Municipality with designing the bloc’s unified structural plan, focusing on the border areas of the member states.
Noble goal Urban constitution
Head of structural planning at the Kuwait Municipality, Saad Al-Muhilbi referred to the Fourth Structural Plan 2040 as the country’s “urban constitution and roadmap for development projects.” Kuwait has been among the first countries of the region that adopted structural plans, which made it free of slums. In the meantime, Perkins and Will Global representative David Green stressed the importance of the Fourth Plan that will turn Kuwait into an innovation center. He added that the development plan set by the Kuwaiti Government that reflects the state’s clear vision for the future.