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Sunday , December 4 2022

Govt eyes rise in State revenues

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KUWAIT CITY, May 19: During the second meeting of the committee concerned with rebuilding the burned out part of the Mubarakiya Market recently it was decided to assign the job to the Kuwait Municipality, reports Al-Qabas daily. During the meeting, the Ministry of Finance gave its vision for the Mubarakiya area and called for an economic study to invest the reconstruction of the site looking at an annual rental value of 3.6 million dinars through BOT system to recover the money spent on the reconstruction of the market.

The Ministry of Finance believes that the investment of the site may contribute to achieving an expected increase in the state’s revenues, estimating the affected area at approximately 5,000 square meters of the site’s total area. It asked the Kuwait Municipality and the Ministry of Justice to identify private property, proposing the application of the 1964 Expropriation Law for the Public Benefit in the event that the owners of private property in Mubarakiya refused to adopt the principle of development

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