Kuwait is set to pump in $160 billion to develop five major islands – Bubiyan, Warba, Failaka, Maskan and Aouha – over the next 20 years, said a report.

The plan is to transform the islands into tourism and leisure destinations consisting of canals similar to those found in Venice, Italy; as well as shopping complexes, high-tech travel centres and other amenities, reported the Arab Times. The project aims to create a comprehensive free zone, implement operating rules in a bid to eliminate bureaucracy and encourage competency.

A study conducted by the Development of Islands Committee in the Council of Ministers showed that the country will earn around $40 billion annually once the mega ambitious project gets completed – in addition to the creation of 200,000 jobs, said the report.

The development of these islands has been carefully reviewed, given its unique location within a region where economic turnover is estimated at $2.2 trillion annually, it added.