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.


Apple to build new $1 billion campus in Austin

Updated 13 December 2018
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Apple to build new $1 billion campus in Austin

  • Apple Inc. said it would spend $1 billion to build a second campus in Austin, Texas
  • Apple will also set up sites in Seattle, San Diego and Culver City, California

NEW YORK: Apple Inc. said on Thursday it would spend $1 billion to build a second campus in Austin, Texas that will house as many as 15,000 workers, amid a broader push by many US companies to create more jobs at home.
The iPhone maker had announced at the start of the year it would invest $30 billion in the United States, taking advantage of a tax windfall stemming from US President Donald Trump’s sweeping tax reforms.
The 133-acre campus in Austin will employ workers across various functions including engineering, R&D, operations and finance. The city is already home to the second largest number of Apple employees outside its headquarters in Cupertino, California.
Apple will also set up sites in Seattle, San Diego and Culver City, California and hire over 1,000 employees each in these locations, while also expanding operations in Pittsburgh, New York and Boulder, Colorado over the next three years.
Many American multinationals have been facing political pressure to ramp up investments at home as part of Trump’s “America First” policies, which have left the United States embroiled in a bitter trade war with China. The president has also warned of tariffs on iPhones and other Apple products imported from China.
Apple’s technology rival Amazon.com Inc. last month ended a months-long search for its second headquarters, picking New York City and an area just outside Washington, D.C. for massive new offices, with plans to create thousands of jobs.
The new Austin campus will be located less than a mile away from Apple’s existing facilities, and will first house 5,000 new employees with the capacity to expand to 15,000.
The company, which last year moved into its sleek “spaceship” campus in Cupertino, said jobs at the new Austin center would include engineering, research and development, finance and sales functions.