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Failaka island projects move forward.(Kuwait)(Divided Zone Agreements & Kuwaiti Islands & Mega Projects Development Team, Al-Mal Real Estate Company)(Brief Article)
At least 15 prequalified investor groups have submitted expressions of interest to the client, the Divided Zone Agreements & Kuwaiti Islands & Mega Projects Development Team (Dizart), for the Failaka island development project. A separate Failaka scheme, under the auspices of the government-owned Touristie Enterprises Company (TEC), is also moving forward.
The estimated $5,000 million Dizart project is to be developed on a build-operate-transfer (BOT) basis and calls for the construction of tourism infrastructure on the 43-squarekilometre island, including hotels, chalets and leisure and entertainment facilities. The construction and project manager is the US' Hill International with the local SPDM (MEED 27:8:04).
A BOT contract was signed in mid-September between TEC and a consortium led by Al-Mal Real Estate Company for the development of a tourist resort on the southern portion ...
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