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KUWAIT CITY, Nov 1: The Public- Private Partnership Projects Authority on Sunday will sign a document of commitment with an investor who won in the bidding for Umm Al-Hayman extension project and related works, reports Al-Rai daily.
Project Director at the authority Nayef Al-Haddad disclosed that the agreement signing is a prelude to execution of the project, which is regarded as one of the largest and costliest projects the authority is implementing. He affirmed the authority is fully prepared for the signing ceremony, indicating the winner is a conglomerate consisting of WTE Company from Germany and Kuwait-based IFA Company.
He said the government will establish a joint-stock company after execution of the project in the form of Al-Zour Al-Oula Company whereby 50 percent of the shares will be allocated for citizens while 10 percent will be for government agencies and the remaining 40 percent will be for the winning investor.
He explained the subscription will be funded by local and international banks, affirming the investment will be lucrative for citizens. He added the project will provide job opportunities for citizens and bring new knowledge and technology to Kuwait.