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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)

MEED Middle East Economic Digest

| September 24, 2004 | COPYRIGHT 2004 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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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Source: HighBeam Research, Failaka island projects move forward.(Kuwait)(Divided Zone Agreements...

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