The Public Institution for Social Security (PIFSS) General Organization for Social Insurance expressed its desire to invest in the Sheikh Jaber Bridge sites project.
An informed source told a local Arabic daily that the ministerial committee supervising the follow-up of the implementation of major development projects, in its meeting held on June 30, heard the PIFSS testimony on ways and methods to participate in the investment project at the Sheikh Jaber Al-Ahmad Al-Sabah Causeway sites.
During the meeting concerning the investments, the representative of the Foundation expressed the following:
■ PIFSS is striving, through its investments, to achieve a balanced and diversified portfolio that achieves a return that contributes to financing retirement systems in the long term.
■ PIFSS attaches great importance to the investment project at the Sheikh Jaber Al-Ahmad Bridge sites, but it has some inquiries and comments about the project.
The source added that the institution’s inquiries and observations were about the following:
1 – Providing infrastructure services at the investment sites in the bridge (electricity, water, sewage systems, fiber-optic cables, etc.).
2 – What are the tariff rates for using electricity and water services for government companies in that project?
3 – Will the bridge investment sites be offered in separate parts or as a single package that is knocked down on one side?
Preparing a feasibility study and developing solutions to obstacles, the source indicated that the PIFSS representative explained that there will be a coordination meeting between them and the technical team specialized in the investment project at the bridge sites, during which all questions related to the project will be discussed, and the most important points related to it will be known, and then it is necessary to prepare a clear feasibility study in this regard.
The source revealed that the committee decided the following after discussions:
■ Assigning the General Secretariat of the Council of Ministers, in coordination with the “Ministry of Public Works, the Ministry of Electricity, Water and Renewable Energy, the Ministry of Communications, the Kuwait Municipality,” and the authorities that it deems appropriate to proceed with the procedures for preparing the infrastructure for the investment sites in the bridge (the two artificial islands, the northern and southern banks) and taking everything that would meet the basic needs to absorb the activities and projects that will be accomplished in those sites by investors, and providing the ministerial committee supervising the follow-up to the implementation of major development projects with a report that includes an executive summary of the measures taken, and what will be taken in accordance with the executive plan and the necessary timetable to accomplish these works, the obstacles that may arise in this regard, and the solutions that ensure overcoming each of them.
■ Assigning PIFSS to coordinate with the General Secretariat of the Council of Ministers and the authorities it deems appropriate to study the investment project in the bridge sites (including the two artificial islands and the northern and southern banks) in all its aspects, and the extent of its suitability to the institution’s vision and aspirations in this regard, and to provide the ministerial committee supervising the Follow-up on the implementation of major development projects as they end up, and in particular the extent to which the Corporation and its affiliated government companies can participate in the project to ensure the achievement of financial returns and benefit the state.
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