KIPCO to commence $5bn Kuwait project in 2016
Municipality approvals for the 38ha development, situated in Kuwait City, are due by the end of 2015, KIPCO's vice-chairman said
Kuwait Projects Company (KIPCO) announced it is open to partnerships to fund and construct its planned $5bn (KWD1.5bn) project in Kuwait.
Faisal al-Ayyar, vice-chairman of KIPCO, said the 38ha development, which will be constructed in an area featuring foreign embassies, is one of the largest planned in Kuwait's history.
According to Reuters, Ayyar said the firm is awaiting municipality approvals for the project, and is likely to acquire these by the end of 2015.
Construction on the project will commence in 2016, he added.
"We have no problem with the financing to complete the project but if there is an investor that carries the vision, we will be happy to partner and maybe the seven years in which the project will finish will become five years," Ayyar said, according to the report.
He added KIPCO is due to achieve 15% increased net profit in 2015 due to its diversification strategy.
"The company's portfolio is very diversified and we are working in multiple markets that do not depend on oil -- countries such as Tunisia and Jordan have benefited from falling oil prices," he said.