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Thu 11 Jun 2020 03:51 PM

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Kuwait's public, private sectors combine in $495m housing development

Project will see works carried out in the Jaber Al-Ahmad and Sabah Al-Ahmad districts

Kuwait's public, private sectors combine in $495m housing development

Kuwait’s Public Authority has announced contracts worth $495 million as part of public private partnerships to build housing developments in the Jaber Al-Ahmad and Sabah Al-Ahmad districts.

The funding was announced by Minister of Public Works and Minister of State for Housing Affairs Dr. Rana Al-Fares in a statement, although she did not name the developers involved.

The project includes developing zones for warehouses, handicrafts, labour accommodation and infrastructure works for a 30-year investment period, which comes into effect from the start of commercial operations.

Al-Fares added that, in the Jaber Al-Ahmad district, a commercial complex would be built, including galleries and halls for mixed use, in addition to cafes.

Hadeel bin Naji, deputy director general at the authority, said the overall cost of the project would “be paid by the private sector without any costs from the public funds”. 

The housing authority's proceeds from the partnership project exceeds KD38m ($125.4 million), she added.

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