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Sun 20 Jul 2008 01:36 PM

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Firm wants to build $2.2bn Tunisia port

Kuwaiti investment company thought to be interested in multi-billion dollar port project in Tunisia.

Kuwait's Al-Mal Investment Co, a firm controlled by the family-owned conglomerate Kharafi Group, will bid for a multi-billion dollar project in Tunisia, a company executive said in remarks published on Sunday.

The firm was qualified by the Tunisian government to submit a bid to build a port under the build, operate and transfer (BOT) system that could cost $2.22 billion), daily Al-Watan reported, citing Managing Director Fawzy Al-Jouder as saying.

The firm is also studying investing in infrastructure projects in Kuwait worth more than $377.2 million and is eyeing overseas investments of more than $200 million in the power sector, said Jouder.

"The company is currently studying projects in other sectors and in different geographical locations in infrastructure, power, health, and telecommunications sectors," he told the paper.

"In the health sector for instance, we have a project in the Gulf region for which we started marketing... where its total cost exceeds $900 million."

Shares of Al-Mal are down almost nine percent this year, underperforming the market which has gained nearly 18 percent to Thursday's close.

Jouder was not immediately available for comment. (Reuters)