Site icon TimesKuwait

Finance’ to do away with BOT contracts; transfers them to PPP

Minister of Finance and Minister of State for Economic Affairs and Investment Abdulwahab Al-Rasheed has issued a decision to stop the renewal of state property contracts signed under the BOT (build-operate-transfer) system and transfer these contracts to the Public-Private Partnership (PPP) Authority, including the Souk Sharq and other government commercial properties and in turn, the PPP will offer these properties for public auction with the previous owner maintaining the right to win the bid.

Sources told Al-Qabas the PPP will hold public auctions for the expiring usufruct rights during the next three months. “This step comes to ensure equal opportunities and achieve the maximum benefit for the state,” he said.

Under this decision, the responsibility of all commercial and service real estate owned by the state will be transferred from the Ministry of Finance to the Public Authority for Partnership between the public and private sectors.

Exit mobile version