Twenty-three existing real estate projects built on state-owned land are set to enter a new phase of development, restructuring and relaunch as Kuwait moves to increase private sector participation in their management and operation.
The initiative aims to improve the efficiency of these projects, maximize their financial returns and enhance the quality of services provided, according to informed sources.
The Public-Private Partnership Projects Authority is currently awaiting approval from the State Audit Bureau to award consultancy studies for the projects. The Authority has recommended awarding the consultancy contract to a firm that submitted a bid worth 2.15 million dinars.
The selected consultant will be responsible for preparing comprehensive technical, economic, environmental and legal feasibility studies for the 23 projects located on state properties.
The consultancy work will also include preparing tender documents, evaluating bids submitted by potential investors and supervising technical, financial, legal and environmental procedures until the financial closure stage.
The projects will be developed in accordance with Law No. 116 of 2014 governing public-private partnerships and its executive regulations, with the aim of strengthening private sector involvement in the management, operation, maintenance and development of government-owned assets.
The move is part of Kuwait’s broader efforts to improve public asset utilization, diversify revenue sources and support sustainable economic development through increased cooperation between the government and private sector.
