Kuwait’s housing to get a boost with 5,000 units in 3 areas

The Public Authority for Housing Welfare has made a significant move to address Kuwait’s ongoing housing challenges by signing a consulting services contract for the development of three residential sites. This initiative aligns with Law 118/2023, which facilitates the establishment of companies dedicated to building and economically developing cities and residential areas.

The Minister of State for Municipal Affairs and Minister of State for Housing Affairs, Eng. Abdullatif Al-Mishari, emphasized that the signing of this contract marks the first step in a broader effort to activate the role of the “real estate developer” and initiate a transformation in Kuwait’s housing policy. He highlighted the importance of private sector involvement in accelerating housing projects and delivering sustainable solutions that cater to diverse family needs. The initiative aims to provide high-quality housing models that align with modern standards and ensure long-term efficiency.

Al-Mishari further explained that implementing the law alongside the existing housing care system marks a crucial step toward transitioning from the traditional state-driven housing model to a partnership-based approach with the private sector. This shift aligns with one of the state’s key development policies, moving from direct operation to a regulatory and supervisory role. By embracing this model, the government aims to enhance efficiency, accelerate project completion, and ensure better quality housing solutions for citizens.

Furthermore, Al-Mishari emphasized that the selected three residential areas are strategically located near well-developed urban zones to ensure they are attractive and desirable for citizens. He noted that the evaluation process for these sites is currently underway.

Additionally, Al-Mishari encouraged investors and real estate development companies, both local and regional, to take part in these upcoming projects, highlighting the significant investment opportunities they present. He reaffirmed the crucial role of the private sector in driving the success of the real estate development system and achieving its intended goals.

Notably, the consulting services outlined in the contract, focus on developing three new residential areas under the real estate developer system, with a projected total capacity exceeding 5,000 housing units.

Source: Al Rai