Firms vie for port project

KUWAIT - More than 40 international and local firms are vying for lucrative infrastructure deals to develop Kuwait's Boubyan Island into the largest regional commercial seaport, a Government team says.

The Government's Divided Zone Agreements team, responsible for major development projects, said 43 international and Kuwaiti companies were being evaluated for the first construction phase of the project.

In November, oil-rich Kuwait approved the ambitious Boubyan project to position itself as a main gateway for Iraq's reconstruction and to regain its 1970s status as a regional financial and commercial hub.

The project could cost as much as US$3.47 billion ($4.78 billion) over a possible 30-year lifespan to finish various stages, and is expected to service four berths by 2008.

- REUTERS