KFH subsidiary to build Sabah al-Ahmad city
Al Enmaa wins contract to build and maintain $137.5m Sabah al Ahmad residential city
Al-Enmaa Real Estate Company, a subsidiary of Islamic lender, Kuwait Finance House (KFH), has been awarded a contract by Kuwait’s Public Authority for Housing Welfare to build and maintain the $137.5m Sabah al-Ahmad residential city.
The project will involve the construction of thousands of residential units for Kuwaiti nationals, as well as 34 government buildings that include schools, mosques, central markets, police stations, public libraries, post offices, health care centres, and a gas cylinders warehouse.
According to the terms of the agreement, Al-Enmaa is to complete construction works within 730 days. According to a recent report by CPH World Media, the Kuwaiti government is expected to spend $3bn on construction projects in the next five years.
Major projects that have already been launched include the Al-Zour refinery, the Failaka Island development, the expansion of Kuwait International Airport and a major road development programme including the construction of an eighth ring road.
