Kuwait plans to spend its bumper petrodollar earnings on an array of mega projects over the next five years including a new business hub dubbed Silk City, according to a plan published on Wednesday.

It has earmarked 35 billion Kuwaiti dinars ($131.5 billion) for Silk City, as well as a harbour, railway and metro system, in a bid to diversify its oil-dependent economy and become a regional trade and financial centre, said a report in our sister publication, the Gulf Daily News.

The plan, which includes a total of 1,100 projects, must be approved by the parliament.