Tamdeen launches $700m mixed-use scheme in Kuwait
Al Khiren resort will contain a marina, five-star hotel, three residential towers and a large outlet mall
Tamdeen Group has announced the launch of a $700m mixed-use project known as Al Khiren, which will be based within the Sabah Al Ahmad Sea City project 85km south of Kuwait City.
The 350,000m2 resort-style project will include a 900-boat marina, a 5-star hotel, a pair of high-rise residential towers, a serviced apartment tower and the country's first luxury outlet mall.
The development is aimed at attracting visitors from nearby GCC countries under a 'conservative tourism' banner. It will also feature a large promenade and a landscaped public park.
Tamdeen Group, which has previously developed Kuwait's 360 Mall and the Al Kout waterfront project, has appointed RTKL Arcitects to design the outlet mall and PWP to do the landscaping design. Construction on the site will begin later this year and is scheduled for completion by late 2018 / early 2019.
Tamdeen Group's chairman, Mohammed Jassim Khalid Al Marzouq, said: “We believe in Kuwait, in its economic future and its excellent legal systems. The new-found cooperation between the government and parliament has given us even more confidence to invest further in Kuwait.
He added that the country had one of the strongest economies in the region, with a per capita income of around $48,260.
"It also remains one of the most underserviced markets in the GCC in terms of quality retail space.In a country where 45 percent of the population is in the 20-39 years age range, household spending on international brands within the retail sector is on the rise. This is where Al Khiran will offer value not just in terms of shopping but overall customer experience.”
The project is not likely to be tendered. Instead, Tamdeen Group will rely on existing relationships with preferred contractors to deliver the scheme.
Tamdeen Group has a paid-up share capital of $1.35bn and around $4bn worth of assets.