Kuwait Foreign Investment Bureau appoints Consultants for the development of three Special Economic Zones in Kuwait.

Kuwait Foreign Investment Bureau (KFIB)

Happold Consulting, the strategic management consultancy arm of Buro Happold, working in partnership with Skidmore, Owings and Merrill (SOM), Gulf Consult and DLA Piper, has won a 12 month appointment to support development of three Special Economic Zones (SEZs) in Kuwait.

In its first project for the Kuwait Foreign Investment Bureau (KFIB) , Happold Consulting is charged with creating an economic framework and functional plan to help KFIB develop three new SEZ sites to their maximum potential.

The commission involves development of a competitive and best practice database, a baseline study of Kuwaiti and regional economic trends, and development of a detailed decision-making framework that will enable KFIB to establish a range of economic, financial, regulatory and institutional approaches to delivering the zones.Happold Consulting will also feed into development planning and implementation.

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Dr Jim Coleman, head of economics at Happold Consulting, said “This is a very exciting project for us. As a key part of the SOM-led team, we look forward to supporting KFIB in setting out a robust strategy for the viable, long term development of special economic zones in Kuwait.

“The twin challenges of promoting economic diversification and enhancing national competiveness play to our team’s strengths and we commit to providing a highly practical, evidence-based strategy for all the stakeholders involved.”

KFIB was launched in 2001 by the Ministry of Commerce and Industry of the State of Kuwait, to implement a law regulating direct foreign investment into the country, It consists of three departments: Promotion, Information and Communication; Studies and Project Evaluation and Investor Services. The three sites within the study will be the first Special Economic Zones under the jurisdiction of KFIB.

An SEZ is a demarcated region or site that is designed to focus on export-orientated industrial activity and provide employment. SEZs are sometimes exempt from national laws and regulation regarding taxation, quotas, labour laws and other restrictive laws in order to make the goods manufactured in the SEZ globally competitive.

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