Kuwait's leading mixed-use property developer Tamdeen Group has unveiled plans to develop a $700-million project on 350,000 sqm of water-front area in Kuwait. The multi-million-dollar Al Khiran development at the heart of the Sabah Al Ahmed Sea City will eventually create significant opportunities for Kuwait’s tourism.
A one-of-a-kind development, the project will include Kuwait’s first high-end outlet mall, two high-rise residential towers, one furnished apartment tower, a marina for 900 boats (the biggest in Kuwait), and a five-star resort, with an international spa component.INFRASTRUCTURE INVESTMENTKuwait is set to award about KD14 billion ($47.2 billion) worth of projects this year, almost double the value of contracts awarded in 2014 in line with its strategy to develop the country’s infrastructure, according to a report.Last year, Kuwait had awarded KD7.3 billion ($25 billion) worth of contracts. It was almost four times as much as in 2013 and more than the last three years combined, stated MEED Projects in its report. The total value of Kuwait’s projects market (planned and active projects) is estimated to be in the region of KD64 billion, it said.Last year, the authorities introduced a new law to regulate all public private partnerships (PPP), which, it is hoped, will accelerate the involvement of the private sector in Kuwait’s projects market.The government has also reaffirmed its commitment to deliver on development projects in spite of the oil price decline.Following the release of Kuwait’s new five-year development plan (2015-2020) in the summer of last year and the recently announced annual plan for the 2015/16 fiscal year, 30 projects of strategic and economic importance have been earmarked for investment spending of KD6.6 billion during the next fiscal year, said the report.The entire budget for the projects has been estimated to be about KD34 billion over at least five years, it said.Meanwhile, capital expenditures are likely to increase on the previous budget, albeit marginally, to KD3.1 billion, which also includes capital spending on items unrelated to the development plan and excludes items normally accounted for off-budget, such as capital spending on the oil and gas sector.In 2014, KD1.7 billion worth of construction sector contracts were signed, equivalent to 24 per cent of all contracts awarded during the year. It included expansions at Al-Sabah, Farwaniya, and Al-Adan hospitals, the construction of the Jaber Al-Ahmed Cultural Center and the refurbishment of the historic Al-Salam Palace.Kuwait also revived the Metro and National Railroad projects last year, though no award is expected before 2016.
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