Dubai: Kuwait’s Entertainment City’s ownership to be transferred from the Amiri Diwan to the Kuwait Investment Authority (KIA) and is set to open in two years.
The Municipal Council's recent approval to transfer the Entertainment City project’s ownership marks a step towards realising this long-anticipated initiative.
This governmental action reflects a robust commitment to advancing development projects within the country. It aims to enhance Kuwait’s tourism sector and generate a non-oil revenue stream that will positively influence the country's gross domestic product (GDP).
The KIA has pledged to deliver a detailed and integrated vision for the project and to initiate it within six months.
The project is estimated to cost around $654 million (Dh2.4 billion), $392.6 million (Dh1.4 billion) for capital expenditures and $261.7 million (Dh961.1 million) for infrastructure.
The entertainment city aims to contribute $278 million (Dh1billion) to the GDP by 2035 and create about 4,000 new jobs.
It is projected to attract around 900,000 visitors by 2030.
