The Public Authority Authority for Housing Welfare has worked out contracts of commitment with private entrepreneurs to execute housing development ventures worth USD 495 million in Jaber Al-Ahmad and Sabah Al-Ahmad districts.
Announcing the deal that bonds the public and private sectors, Minister of Public Works and Minister of State for Housing Affairs Dr. Rana Al-Fares said in a statement on Thursday that granting the investment opportunity to the developers — whom she did not name — was in line with the Cabinet Resolution 32/2016, its amendments, and the Law of Partnership between the Public and Private Sectors 116/2014.
The planned enterprise envisages developing zones for warehouses, handicrafts, labor dwellings and infrastructural works for a 30-year investment period, effective as of time of starting commercial operations, Minister Al-Fares said.
In Jaber Al-Ahmad district, she added, a commercial complex would be built, including galleries and halls for multiple purposes in addition to cafes, she added.
For her part, Hadeel bin Naji, the deputy director-general at the authority, said the overall value of the endorsed enterprises was estimated at KD 150 million (USD 495 million), “to be paid by the private sector without any costs from the public funds.” The housing authority’s proceeds from this partnership project exceed KD 38 million (USD 125.4 million), she added.