The Central Agency for Public Tenders, with a two-thirds quorum, has approved the Ministry of Finance’s request to directly contract Wafra Real Estate Company — a subsidiary of the Public Institution for Social Security — to manage, operate, and maintain Souq Sharq (Waterfront – Phase Three).
The one-year contract is valued at KD 1.25 million and was granted under Article 18 of the Public Tenders Law.
The decision was made despite objections from a member of the Tenders Committee and a representative of the National Fund for SME Development.
Souq Sharq, one of Kuwait’s most popular shopping destinations since its opening in 1998, was previously managed under a BOT agreement with the National Real Estate Company before being vacated in February 2023. The Ministry of Finance subsequently handed over its management to Wafra in March 2023.
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