The Real Estate and Public Projects Committee which is a result of the Board of Directors of the Kuwait Chamber of Commerce and Industry held its first meeting of 2023 under the chairmanship of Talal Jassem Al-Kharafi, to discuss several topics on its agenda, the most prominent of which were the proposals and recommendations submitted by the “Contracting Companies Group” to reduce the difficulties and obstacles faced by the contracting sector in projects proposed or concluded with the state.
Al-Qabas daily said, the committee discussed problems summarized by the delay in collecting payments due to contractors from the state, delay in awarding proposed projects and signing contracts, and the consequent losses due to work requirements of materials and manpower, and the imbalance of the terms of contracts concluded with the state that lead to the contractor incurring additional costs, which directly affects the implementation of the business.
The committee also called on the concerned authorities in the country to overcome these obstacles, which in turn will be beneficial to improving the completion of works and completing them in the required and satisfactory manner for both the public and private sectors, which contributes effectively to the completion of projects and speeding up their pace.
The committee discussed the negative effects resulting from the conversion of private housing in residential areas into investment housing on both the real estate and housing sectors.
The members of the committee also discussed the recommendations and proposals submitted by the Kuwait Real Estate Union regarding this phenomenon, and the importance of activating the laws related to leasing conditions.