The Kuwaiti government has announced plans to build a special ‘gold and jewellery city,’ the largest of its kind in the Middle East, over a total 100,000-sq-m area in the capital city, said a report.

The Ministry of Commerce and Industry has asked Kuwait Municipality to allocate an appropriate plot for the mega project, which will include a building to administer precious metals and special lounges for both local and imported jewellery, reported Kuwait Times.

The gold city will also boast labs for examining diamonds, offices for 300 employees, an archives section, laser and chemical labs and an employee training hall apart from a central well-secure safe in addition to one in each section, it stated.

The other facilities include a 10,000-sq-m car park for employees in addition to a centre for customer reception and a separate VIP hall, it added.

In another development, a report by Kuwait's Public Authority for Housing Welfare revealed a drastic cut in the estimated budget of five housing projects during the 2013-2015 period.

The costs of these project have been trimmed from KD1 billion ($3.29 billion) to KD447 million ($1.47 billion), down more than 50 per cent, stated the Kuwait Times.

For instance, the cost of West Abdullah Al-Mubarak project cost had been estimated at KD58 million ($191 million), which was reduced to KD46 million ($151 million), it added.