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Sunday , January 29 2023

KD 6 mln to rehabilitate Souq Mubarakiya

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KD 2.1 bln budget for South Saad Al-Abdullah project

KUWAIT CITY, April 27, (Agencies): Minister of Finance and Minister of State for Economic and Investment Affairs Abdulwahab Al-Rasheed said Tuesday the government gave the green light to the funding of South Saad Al-Abdullah Town and the rehabilitation of Souq Al-Mubarakiya in FY 2022-2023. The South Saad Al-Abdullah housing project costs a total of KD 2.1 billion (nearly USD 6.8 billion) which will be phased over the coming state budgets according to the construction stages of the project.

It is listed in the draft bill linking the budgets of the state departments for FY 2022-2023, he told reporters, noting that bill still awaits endorsement 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,” the minister pointed out.

“On January 25, the government injected liquidity to appropriation of 11,428 plots of land,” Al-Rasheed said, appreciating cooperation from the legislative authority. “Only three months later, the executive authority approved today KD 2.1 billion funding for the South Saad Al-Abdullah project, which signals out keenness on enabling PAHW to find solutions to the housing question,” he explained.

Dealing with Souq Al-Mubarakiya which was hit by a huge fire late last month, he said an investigation panel was set up to determine the causes of the fire and draw up safety measures that could prevent recurrence of similar incidents.

“An initial budget amounting to KD six million (some USD 19 million) was set aside for the rehabilitation process of the landmark marketplace,” the minister disclosed, refuting media speculations in this regard. In other news, the financial and administrative affairs sector of the Ministry of Social Affairs has completed the proposed draft budget for fiscal 2022/2023 taking into account all the needs of the ministry, reports Al-Jarida daily.

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