Construction of 380,000 square metre development is expected to commence in early 2016
The Kuwait Projects Company (KIPCO) says it is open to investment partnerships over a planned $5 billion real estate project, although it is ready to fund the construction itself, Reuters reported.
The conglomerate plans a 380,000 square metre development on the outskirts of Kuwait City, in what is set to be one of the largest real estate developments in the country.
KIPCO is currently awaiting municipality approvals for the project, expected by the end of the year, with construction commencing in early 2016, said Faisal al-Ayyar, vice chairman of the company, at the Reuters Middle East Investment Summit.
Ayyar said KIPCO is open to a potential finance partnership to speed up the project, Reuters reported.
“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,” he is reported as saying.
The company claims that even though large scale infrastructure and construction schemes have hit roadblocks in the past due to political instability, the impact has been limited and has not halted any KIPCO projects in the last five years, except in Syria.
KIPCO has a diversified portfolio and currently has a presence in 24 countries of which 17 are in the Arab world.