Kuwait to put up causeway islands for investment
KUWAIT: A circular issued by the Cabinet revealed the project to invest in Jaber Causeway sites (two islands and two banks) that will be offered by the finance ministry. The investment period must be for 35 years, and the municipality should approve the land use and area usage percentages.
The project advisor explained the conditions that must be met, including habilitation, private, technical and financial conditions. The bidder must be a Kuwaiti company listed on the bourse or owned by the government with a stake of at least 50 percent. It can be a foreign firm, but must sign an agreement with a Kuwaiti company that meets the financial qualification standards.
Municipality Director General Ahmad Al-Manfouhi sent the technical report and municipal approval for bidding for the four sites to the Municipal Council for final approval. Manfouhi said based on the instructions of His Highness the Prime Minister Sheikh Sabah Al-Khaled Al-Sabah, coordination is being made between the Cabinet’s team and the Municipality to hasten the approval by the Municipal Council, adding that the Municipality has decided the area usage percentages, height and permitted activities.
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