Turkey’s Limak Construction is expected to sign within two weeks a $1 billion contract in Kuwait for its planned South Al Mutlaa City project. The deal my included the Italy’s Salini Impregilo company as a partner in the project as an official Naser Khraibut director of planning at the country’s Public Authority announced.
The planned 100,000 square kilometres urban Al Mutlaa City which is situated in central Kuwait contract will cover construction of a road and it is expected to house around 400,000 residents when completed. Infrastructure and be funded by the Kuwaiti government from its own reserves. The project will be financed through a special purpose vehicle jointly established by the Kuwaiti and South Korean governments, Khraibut said.
The project will be financed through a special purpose vehicle jointly established by the Kuwaiti and South Korean governments, Khraibut said.
Building infrastructure costs and public buildings in the city has been estimated at around $20 billion. Other packages we’re now in the process of prequalification for contractors to tender said Khraibut.
Kuwait suffers a significant shortage of government-funded housing which particularly impacts young people, Despite being one of the world’s richest countries. Now is also designing and completing an economic study for the planned South Saad Abdullah City which will cover 60 square kilometres.