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Saturday , December 10 2022

TEC offers twenty sites to ‘private sector’ investors

This post has been read 9452 times!

KUWAIT CITY, Aug 17: The Touristic Enterprises Company (TEC) revealed in a memorandum, a copy of which has been obtained by the Al-Anba daily, said it has offered many investment opportunities to the private sector to exploit sites on the waterfront, reports Al-Anba daily. According to the memorandum 20 contracts have been signed with several private sector investors to operate these sites and work is in progress.

More auctions will be held during the coming period, and some other facilities are being developed, and private investors will participate in some of these activities. The company said a 30 million dinars budget has been allocated for the development of Al-Shaab Park, and the development process is expected to begin at the beginning of 2024. The company attributed the reasons for the delay after the adoption of the company’s strategy by the Kuwait Investment Authority (KIA) in October 2019 to the outbreak of the Covid-19 pandemic in the world.

As a result of the pandemic, the Council of Ministers decided to postpone the payment (current obligations due under several laws towards the capital of companies, institutions and independent bodies) and called on the company to update its strategy within the limits of the available capabilities and this delayed the implementation of development projects. Regarding the Aqua Park site, TEC said the private sector was offered investment opportunities. The company stated many job opportunities have been provided to Kuwaiti youth to contribute to the company’s development, and stated 103 Kuwaitis have been hired by the company from 2016 till date. It is worth mentioning that TEC is a wholly state-owned company that operates, develops and manages tourism, recreational and recreational assets and facilities

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