Kuwait City – The Municipal Council has approved the Ministry of Finance’s request to transfer ownership of the Entertainment City project from the Amiri Diwan to the Kuwait Investment Authority (KIA), marking a significant step towards the project’s implementation.
This government action represents a major boost to efforts aimed at advancing development projects in Kuwait. The move is expected to enhance the tourism sector, providing a new non-oil revenue stream that will positively impact the nation’s economy.
Sources indicate that the new Entertainment City is slated for completion within two years. The KIA has pledged to present a comprehensive and integrated plan for the project, with a launch scheduled within the next six months.
The transfer aligns with the Ministry of Finance’s latest strategic plan, presented by Finance Minister Dr. Anwar Al-Mudhaf at the inaugural forum on the state’s general budget. This plan is part of a broader financial and economic reform initiative designed to boost non-oil revenues, with a specific emphasis on developing the tourism sector.
A 2023 study by the Tourism Enterprises Company highlighted that Kuwait’s tourism sector contributes only 6.1% to the nation’s gross domestic product (GDP), the lowest among Gulf Cooperation Council (GCC) countries. In comparison, the UAE’s tourism sector contributes 10.8% to its GDP, Bahrain 9.8%, Qatar 9.7%, Saudi Arabia 9.4%, and Oman 6.8%.
Kuwaitis spend over KD 4 billion (USD 14 billion) annually on tourism abroad, representing about 11% of the country’s GDP. To address this, the Tourism Enterprises Company has assembled a team of consultants to explore ways to develop the Entertainment City project to maximize its economic benefits. This includes attracting specialized foreign companies to invest, develop, and operate the city while transferring necessary expertise.
The project, estimated to cost approximately KD 200 million—KD 120 million for capital expenditures and KD 80 million for infrastructure—is expected to contribute around KD 85 million to the GDP by 2035 and create about 4,000 new jobs. It is projected to attract around 900,000 visitors by 2030.
