Kuwait City readies for $5bn mixed-use project
Kuwait Projects Co (KIPCO) will construct a 37ha project in the country's al-Daiya area, where numerous foreign embassies are located
Kuwait Projects Co (KIPCO), the country's largest private sector investment firm, is planning a $5bn real estate scheme on the outskirts of Kuwait City, the company's vice chairman told a local newspaper on Sunday, 13 September, 2015.
The 38ha project is planned for the al-Daiya area, where several foreign embassies are located, Faisal al-Ayyar said in an interview with al-Qabas newspaper.
The project will comprise residential and commercial spaces, as well as infrastructure such as roads, parks, walkways and electricity.
United Real Estate, a unit of KIPCO, will be responsible for implementation, along with other unnamed entities, he said.
KIPCO aims to present its plans to regulators in the coming days and to begin implementation this year.
"The project is considered the largest and most important in Kuwait, especially in the real estate sector," he told al-Qabas.
Ayyar acknowledged concerns about bureaucracy, noting that KIPCO's successful bid to develop Abdullah al-Ahmed Street a decade ago was later cancelled by parliament.
The company was hoping for the best from national authorities given the size of the al-Daiya project, he said, as per a report by Reuters.