Latest Kuwait News
Eight commercial towers worth KD200mn to come up in Kuwait City
A Kuwaiti businessman, Saud Al-Mutairi, and two other local companies, have entered into a KD 200 million, real estate deal, for construction of eight commercial towers in the Capital Kuwait City.
Speaking to Kuwait News Agency (KUNA), Al-Mutairi said, about 50% of the capital of the project will be held by him, while the participating companies, Al Shahid real estate company, and Al Madakhil, will invest 25 percent stake each.
The work to implement these towers in the Sharq area will be done in several phases, beginning 2009, and will be complete towards end of 2010. The project would cover an area of 5600 square meters, and comprise 60 floors, and an estimated market value of the eight towers would be about KD275 million.
The biggest tower of the project, namely ‘The Dancing Tower’, will comprise a commercial market, offices and a large hotel, while the remaining seven towers would house several shops and offices, revealed Mutairi.
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