The General Corporation for Housing Welfare has recently made significant strides in expanding investment opportunities in Kuwait. In a recent development, the corporation has signed two contracts for the development of investment projects in the presence of its acting General Director, Eng. Rashid Al-Enezi, and other organization leaders, as reported by Al-Jarida Daily.
The first contract focuses on the development of an industrial zone in the residential city of Al-Mutlaa. Eng. Anwar Al-Hulaila, the Deputy Director General for Investment Affairs and Private Sector Projects at the Corporation, explains that this contract encompasses the use, development, financing, operation, management, and maintenance of the investment opportunity (M1).
The designated area for the industrial zone project is estimated to be 250,000 square meters. It will provide spaces for exhibitions, retail stores, warehouses, and workers’ housing. This comprehensive approach ensures that the industrial zone caters to various needs and contributes to the overall growth of the region.
Over a span of 30 years, the Corporation expects to generate substantial financial revenues of approximately 117.5 million Kuwaiti dinars from this investment opportunity. This revenue will not only benefit the Corporation but also contribute to the economic development of the residential city of Al-Mutlaa.
The second investment contract focuses on the design, development, financing, operation, management, and maintenance of a commercial complex in the Southern Khaitan Project (K1). Spanning an area of 3,484 square meters, this commercial complex will offer a range of commercial spaces, including shops, restaurants, cafes, and parking lots.
By providing a diverse range of commercial spaces, the Corporation aims to create a vibrant and bustling commercial hub within the Southern Khaitan area. This project holds immense potential for attracting local businesses and enhancing the overall economic activity in the region.
During the 20-year utilization period, the Corporation anticipates earning approximately 7.25 million Kuwaiti dinars in total revenues from the commercial complex. This revenue will contribute to the sustainability and growth of the Corporation’s initiatives.
These contracts signify the General Corporation for Housing Welfare’s commitment to fostering economic development and creating investment opportunities in Kuwait. By strategically investing in the development of industrial and commercial zones, the Corporation aims to attract local and international investors, stimulate economic growth, and create employment opportunities.
It is important to note that these contracts comply with local laws and regulations, ensuring transparency and accountability in the development and management of these investment projects. The General Corporation for Housing Welfare’s dedication to adhering to legal frameworks further strengthens investor confidence and promotes a favorable investment climate in Kuwait.
These developments highlight the Corporation’s proactive approach in identifying and capitalizing on investment opportunities that align with Kuwait’s economic goals. By diversifying the economy and promoting sustainable growth, the General Corporation for Housing Welfare plays a pivotal role in driving the country’s overall development.
As the Corporation moves forward with these projects, it is poised to make a significant impact on the local economy, creating a positive ripple effect that extends to various sectors and communities in Kuwait.
Overall, the General Corporation for Housing Welfare’s signing of these contracts for investment opportunities demonstrates its commitment to driving economic growth, attracting investment, and creating a prosperous future for Kuwait.
Source: TimesKuwait
