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Wednesday , December 8 2021

Kuwait, South Korea initial accord for developing residential district

Annual inflation up by 0.44 percent last Dec

Kuwait, S. Korea initial accord for developing residential district

KUWAIT CITY, Jan 24, (KUNA): Minister of Public Works and Minister of State for Housing Affairs Dr Jenan Boushehri on Thursday initialed an agreement between the Public Authority for Housing Welfare (PAHW) and South Korea Land and Housing Corporation to develop South Saad Al-Abdullah district.

Speaking to journalists after inking the initial accord, the minister said it stipulated formation of a company to be tasked with executing the venture according to economic studies, with participation of Kuwait and South Korean companies.

Implementation of the tentative agreement largely hinges on a feasibility study, expected to be finalized by the South Koreans by April 2019, she elaborated.

The preliminary accord envisages no financial or legal liabilities, she said, indicating that the two countries singed a memo on September 21, 2004, for cooperation in housing, development of towns and infrastructures. Two others were inked on May 9, 2016, to expand cooperation and create a strategic partnership between the two governments and develop South Saad Al-Abdullah as a smart town.

In April 2017, minister Boushehri continued, the PAHW and the Korean corporation worked out a contract for consultation on the designing scheme and conducting relevant paper work.

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