A bid of US $2.6 billion has been made for the 25km causeway forming part of Silk City
The lowest bid for a bridge forming part of Kuwait’s City of Silk project has been entered by a consortium led by Hyundai engineering.
The tenders committee confirmed last week that a bid of US $2.6 billion has been made for the 25km causeway.
The second lowest bid for $2.85 billion was entered by the Bin Laden Group of Saudi Arabia. The bids will be evaluated by the public works ministry.
The City of Silk project will be a 250km2 urban redevelopment centred on Subiyah and designed to replicate the ancient Silk Road trade route, by establishing a major free-trade zone between Asia and Europe.
It will house 700,000 people and create up to 450,000 jobs. Reports value the scheme at between $77 billion and $95 billion. It is projected to take 25 years to complete and current plans include a tower on the Iraqi border which could be the tallest in the world.
The fixed link causeway will be named after Sheikh Jaber al-Ahmad al-Sabah, the country’s emir (prime minister) from 1977 until his death in 2006.
As a sole bidder, Hyundai Engineering and Construction Co was recently awarded a $329 million contract for work at Abu Dhabi’s Khalifa Port & Industrial Zone (KPIZ). In another deal with the Kuwait Ministry of Public Works, a $1.2 billion contract has been awarded to build a container port in the north eastern region of the country.