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.
KIPCO plans $5bn real estate project
