KIPCO plans $5bn real estate project

Updated 13 September 2015
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KIPCO plans $5bn real estate project

DUBAI: Kuwait Projects Co. (KIPCO), the country's largest private sector investment firm, is planning a $5 billion real estate scheme on the outskirts of Kuwait City, the company's vice chairman told a local newspaper on Sunday.
The 380,000-square-metre project is planned for the Al-Daiya area where several foreign embassies are located, Faisal Al-Ayyar said in an interview with Al-Qabas newspaper.
It is set to include both residential and commercial spaces, as well as infrastructure such as roads, parks, walkways and electricity.
United Real Estate, a unit of KIPCO, will be responsible for implementation, along with other unnamed entities, he said.
KIPCO aims to present its plans to regulators in the coming days and to begin implementation this year.
"The project is considered the largest and most important in Kuwait, especially in the real estate sector," he told Al-Qabas.
Al-Ayyar acknowledged concerns about bureaucracy, noting that KIPCO's successful bid to develop Abdullah Al-Ahmed Street a decade ago was later canceled by parliament.


Airline group predicts another record for summer travel

Updated 4 min 1 sec ago
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Airline group predicts another record for summer travel

  • Airlines for America forecast that 257.4 million people will fly on US carriers between June 1 and August 31
  • The trade group says airlines are adding 111,000 seats per day

The airline industry’s US trade group is predicting another record for summer travel.
Airlines for America forecast Tuesday that 257.4 million people will fly on US carriers between June 1 and Aug. 31.
That’s a 3.4 percent increase over last summer, and it works out to about 2.8 million travelers a day.
The trade group says airlines are adding 111,000 seats per day, more than the predicted 93,000 increase in daily passengers.
According to the US Bureau of Transportation Statistics, the average inflation-adjusted price for a domestic ticket has dropped for four straight years to the lowest level since the agency began tracking the fare prices in 1995. But those numbers don’t include all the extra fees that airlines now charge.