Kuwait approves funding for residential project development

WCN Editorial Team 2 May 2022 MIDDLE EAST BUILDINGS

Kuwait has permitted funding for the development of a residential project, South Saad Al Abdullah Town, along with the renovation of the historic marketplace, Souq Al Mubarakiya.

The residential project costs a total of $6.8bn. This amount will be phased over the coming state budgets based on the project’s construction stages, reported Trade Arabia citing Kuna.

Kuwait Finance and Economic and Investment Affairs Minister Abdulwahab Al Rasheed said: "It is listed in the draft bill linking the budgets of the state departments for FY 2022-2023.”

He added that the bill awaits approval from the National Assembly.

"The housing question is a top priority for the government, which does its utmost to provide adequate funding for the Public Authority for Housing Welfare (PAHW) to meet its obligations towards the people of Kuwait.

"On January 25, the government injected liquidity to appropriation of 11,428 plots of land.”

For the Souq Al Mubarakiya marketplace revamp project, a preliminary budget of $19m has been kept aside separately.

The marketplace was recently hit by a massive fire.

An investigation committee has been created to probe into the cause of the fire and draw up safety measures to stop the recurrence of similar fire incidents.
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Image: The residential project costs a total of $6.8bn. Credit: justinedgecreative from Pixabay.

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