The Port Authority of Kuwait (KPA) said on Sunday local time that it had approved plans to build the first city in the Middle East to serve electric car manufacturers.
The statement did not say where the project, called Electric vehicle City (EV City), would be located. Al-Sabah, general manager of Kuwait Port Authority, said that the bidding process for the design and construction of the project would take place in fiscal year 22, 2011.
The Kuwait Port Authority noted that electric vehicle manufacturers did not use local distributors or dealers but sold cars directly to consumers, adding that it was common for ports to provide manufacturers with some infrastructure.
"KPA can provide all the port and logistics services to the world's largest electric car manufacturer," Sabah said, adding that the project was in line with Kuwait's Vision 2035 economic diversification plan.
In 2018, the public investment fund of Saudi Arabia, Kuwait's neighbor, made a huge profit by investing more than $1 billion in electric car maker Lucid.
Lucid Group went public last month after it merged with Churchill Capital, a special purpose acquisition company, in February. The combined company has a market capitalization of $24 billion, while the Saudi Public Investment Fund holds a 62.7 per cent stake in the company.