The Kuwait Direct Investment Promotion Authority (KDIPA) has reached an understanding with the Public Authority for Industry (PAI) to ‘merge’ the parcels of land belonging to the two authorities in Al-Naeem area, totaling 12 square kilometers (12 million square meters), in an effort to turn it into an integrated Al-Naeem Economic City (NEC).
The sources pointed out both sides are waiting to sign a memorandum of understanding before the launch of the project, which is expected to be one of the most prominent cooperation for the revival of economy at a fast pace in the hope of attracting a big number of local and foreign ‘quality investors’.
Al-Rai learned the prospective city will contribute to giving a big push to the economy in Kuwait as part of the Kuwait 2035 Vision relying on new sources of income, which will increase the domestic product.
The sources added that the two authorities have obtained a fatwa from the Fatwa and Legislation Department to keep the NEC outside the framework of the Public-Private Partnership Authority in contrast to the earlier requirements which necessitated that such projects should be implemented in partnership with the ‘Partnership Authority’.
Sources said this fatwa gives the two authorities the freedom to offer the combined project between them to BOT (build-operate-transfer) investors.
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