Kuwait's Kharafi Group and South Korea's Hyundai Engineering and Construction have won a 328 million dinar ($1.14 billion) contract to develop a port in Kuwait, a local daily said on Tuesday.

The firms won the tender for the second part of the first phase of the project on Boubyan island, which includes designing and building the seaport, Kuwaiti daily newspaper Al-Rai said in an unsourced report.   

In 2004, Kuwait approved a $3.47 billion plan to develop the island into a commercial port to position itself to play a key role in Iraq's reconstruction after the 2003 US-led invasion. - Reuters