KFH Signs Al Mubarakiya Reconstruction Contract

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Kuwait City, Mar 26: Kuwait Finance House (KFH) announced the signing of a contract with Alghanim International Co. and the Kuwait Municipality, represented by Her Excellency Dr. Noura Al-Mashaan, Minister of Public Works and Minister of State for Municipal Affairs. The contract pertains to the implementation of the reconstruction project for the damaged area in Al Mubarakiya.

At the signing ceremony, KFH Chairman, Hamad Abdulmohsen Al Marzouq announced, “We are delighted to celebrate the launch of the reconstruction project for the area damaged in the Al Mubarakiya fire. This follows the successful completion and approval of the design phase by the relevant advisory team dedicated to addressing the effects of the incident.”

He announced the official launch of the construction phase with Alghanim International Company, the project’s contractor. This phase is expected to be completed in a record-breaking 13 months for a project of this scale featuring such authentic heritage architectural details.

Al Marzouq explained that the KFH Group’s initiative involves reconstructing approximately 17 buildings in the damaged area of Al Mubarakiya, along with the development of some neighboring structures. The estimated cost of the project is around KD 8 million.

He emphasized that this support from KFH underscores the bank’s commitment to its leading social and national role. The bank actively contributes to various areas, working collaboratively with official entities.

He expressed his sincere thanks to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, may Allah protect and preserve him, for his support of the KFH initiative, his continued interest in, his constructive remarks, and diligent follow-up of Al Mubarakiya development project.  He further thanked the advisory work team for their critical role in the project’s success. He concluded by praying to Allah the Almighty for the continued protection of Kuwait and its people.

Dr. Noura Al-Mashaan, Minister of Public Works and Minister of State for Municipal Affairs

Dr. Noura Al-Mashaan, the Minister of Public Works and Minister of State for Municipal Affairs, expressed her pleasure in welcoming everyone to this significant event where the agreement for the reconstruction project of the affected area in Al Mubarakiya is being signed.

“The reconstruction of Al Mubarakiya has been a long-awaited project,” she said. “We faced many challenges before reaching the implementation stage. However, thanks to Allah, and through the collaborative efforts of all ministries and state authorities, with the support of Kuwait Finance House, the project is finally underway.”

She commended KFH for its contribution to this vital project and stressed the significance of Al Mubarakiya to Kuwaiti culture, heritage, and identity within society.

 Al-Mashaan expressed her gratitude to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, may Allah protect and preserve him, His Highness the Prime Minister Sheikh Dr. Mohammad Sabah Al-Salem, and Her Excellency Sheikha Amthal Al-Ahmad Al-Jaber Al-Sabah, Chairperson of the Kuwaiti Voluntary Work Center, for their unwavering commitment to preserving heritage.

She also commended the advisory team for their clear efforts in reconstructing Al Mubarakiya and praised the distinguished role of the Kuwait Municipality in bringing the project to this stage.

Al-Mashaan extended her gratitude to all relevant parties for their crucial role in completing the design and preparation stages, distributing blocks, obtaining approvals, and finalizing all project-related procedures. “This marks the beginning of implementation, and we look forward to seeing the affected areas in Al Mubarakiya vibrant again.”

She also commended the prominent role played by the former Ministers of the Kuwait Municipality in achieving this success, namely Dr. Rana Abdullah Al-Fares, Abdulaziz Waleed Almejel, and Fahad Al-Shula.

Mohammed Alghanim

Meanwhile, Mohammed Fouad Alghanim, Vice Chairman and CEO of Alghanim International Co., said: “We at Alghanim International are honored to have been entrusted with the significant task of developing and rebuilding Al Mubarakiya.”

He added that Al Mubarakiya holds priceless heritage and historical significance. It showcases the originality and distinctiveness of Kuwait’s history and documents the architectural style prevalent in the country at the start of the twentieth century. The market served as a central hub for trade with neighboring countries, Africa, and India.

The heritage market in the State of Kuwait has become well-known for its historical significance and unique attractions, making it a popular tourist destination.

“Alghanim International is committed to developing and reviving the heritage market, recognizing the importance of preserving its heritage and commercial appeal. The company is fully dedicated to completing the reconstruction work to maintain the market’s historical value and distinct heritage style, directing all its efforts towards achieving this goal.”

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