Kuwait Invests in Red Sea Resort
Kuwait’s United Real Estate Company (URC) announced an agreement with Red Sea State to develop the Arous Resort, north of Port Sudan, at a cost of nearly $100 million.
The project includes a hotel, a residential area, agricultural ventures, and energy projects. Funding will come 80% from the Kuwaiti company and 20% from the state government. The Arous area is well known as a historic diving hub and is associated with Mossad operations between 1979 and 1984.
The investment reflects the personal interest of Kuwaiti Emir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah, who owns private property in the area. The project is managed by the KIPCO family group, which also holds major Sudanese investments, including telecom giant Zain.
During the war between Sudan’s army and the Rapid Support Forces (RSF), Kuwait sided with army chief Gen. Abdel Fattah al-Burhan, joining Qatar and Saudi Arabia in rejecting recognition of any parallel RSF-backed government.
Although less visible in Sudan than Saudi Arabia and the UAE, Kuwait is Sudan’s largest bilateral creditor, with debts of around $15 billion, and has invested $2.9 billion in 57 projects.
