Development contracts for Khaitan and Al-Mutlaa area signed

The General Corporation for Housing Welfare has signed two contracts for the development of investment opportunities in the presence of its acting General Director, Eng. Rashid Al-Enezi and the organization’s leaders, reported Al-Jarida Daily.

The contracts were awarded for the development of an industrial zone in the residential city of Al-Mutlaa and a commercial complex in the southern Khaitan area. According to Eng. Anwar Al-Hulaila, the Deputy Director General for Investment Affairs and Private Sector Projects at the Corporation, the first contract involves the use, development, financing, operation, management, and maintenance of the investment opportunity (M1) to develop an industrial zone in Al-Mutlaa.

The designated area for this project is estimated to be 250,000 square meters and will include spaces for exhibitions, retail stores, warehouses, and workers’ housing. The Corporation expects to generate financial revenues of approximately 117.5 million Kuwaiti dinars over a 30-year period.

The second investment contract pertains to the design, development, financing, operation, management, and maintenance of a commercial complex in the Southern Khaitan Project (K1). This project will cover an area of 3,484 square meters and will consist of commercial spaces for shops, restaurants, cafes, and parking lots. The Corporation anticipates earning approximately 7.25 million Kuwaiti dinars in total revenues during the 20-year utilization period.