As a matter of urgency, the Council of Ministers has issued instructions to the concerned authorities to take the necessary measures to prepare the infrastructure for the implementation of the Entertainment City and Failaka Island Resort projects.
According to the study carried out by the Tourism Enterprises Company, which was published by Al-Qabas daily, the cost of the infrastructure for the two projects is estimated at 155 million dinars, distributed among about 80 million dinars for the completion of the infrastructure for the Entertainment City, and about 75 million dinars for the Failaka Resort project, in addition to the cost of implementing the two projects at a cost of about 250 million dinars.
Sources told the daily that the Council of Ministers has assigned this file to the Minister of Finance and the Minister of State for Economic Affairs and Investment. He will be working in tandem with a number of other government agencies, including the Ministry of Public Works, the Ministry of Electricity, Water and Renewable Energy, the Kuwait Municipality and other relevant authorities.
The Council of Ministers has also instructed the Ministry of Finance to take all necessary measures to amend the legislation and legal texts to ensure that the Tourism Enterprises Company and other government agencies and companies have sufficient flexibility in implementing their respective development projects.
The study presented by the TEC necessitates legislative amendment to Law No. 105 of state real estate, so that the period of offering to exploit the sites of the two projects is between 30 to 50 years or more, so that it is attractive to investors in the private sector, ensuring that investors wishing to implement the two projects achieve real estate benefits and a feasible return, especially since the law in its current form has set a maximum limit for exploitation for 3 years, which is not attractive to investors.
According to the vision of the Tourism Enterprises Company, the entertainment city project will be built on 2.6 sq kms area, including an amusement park on 200,000 square meters, in addition to a number of supportive and complementary facilities, including the Sheikh Zayed Reserve, retail area, restaurants and services, sports fields, an electronic games hall, and a place for learning and entertainment.
The number of visitors is expected to reach about 900,000 annucally, contributing about 85 million dinars to the gross domestic product and provide more than 4,000 jobs by 2035.
As for the Failaka Resort project, which will be built on 1.8 sq km area; is planned to be a leisure and tourist destination and will have a family resort, a luxury resort, chalets, entertainment and shopping centers, restaurants and cafés.
According to preliminary studies, the expected internal return from the project will be about 13%, assuming that the lease term is 30 years, and will contribute about 80 million dinars to the gross domestic product in 2035 and provides more than 3,000 new job opportunities.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
