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Tue 10 Jun 2014 01:55 PM

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Kuwait says to offer shares in three mega projects

Senior official says public will be offered shares in energy and recycling ventures by the end of 2014

Kuwait says to offer shares in three mega projects

Shares in three mega projects planned in Kuwait will be offered to the public by the end of this year, it was announced on Tuesday.

A percentage of shares in two energy ventures and a recycling project will be offered, according to Adel Al-Roumi, president of the Partnerships Technical Bureau (PTB).

In comments published by Arabic daily Al-Anbaa and cited by Kuwait News Agency,  Al-Roumi said the three ventures will be a solar energy station, North Al-Zour power plant (second phase), and the largest solid waste recycling plant in the Middle East.

The projects will be up for subscription by foreign entrepreneurs to a maximum of 40 percent, according to the partnership law of the public and private sectors, 50 percent for Kuwaiti nationals, and 10 percent for government bodies, KUNA reported.

The solar energy plant, to be built in Al-Abdaliyah South Kuwait, which will also include gas and steam turbines, aims to produce 280 megawatts of power in total, WAM added.

Al-Roumi was quoted as saying that the public subscription for these ventures will be in September.

The PTB is the technical arm of the Higher Development Projects Committee which decides whether a project in feasible or not.

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