Latest Kuwait News
Committee for Low-cost housing units established in Kuwait
The constituent committee of a company for low-cost housing units said that 50percent of its shares would be kept open for auction, while the rest would be for public subscription, following the firms foundation.
The Committee Chairman, Fahad Al-Saeed said that the company, likely to be established, will be handling, designing, building and maintaining the low-cost housing units, in line with the Built-Operate-Transfer regime.
The Company would be established to build low-cost houses in Al-Jahra and Al-Sulaibiya areas to replace the aging houses.
The Chief of Staff of Deputy Premier of Economic Affairs, Minister of sTate for Housing and Minister of State for Development, Fawaz al Sammar, emphasized the need for private sector to contribute to the development in Kuwait.
Member of constituent committee, Essa Khadada, said that the company, with a capital of KD250mn, will establish a residential area with 9,696 houses, schools, hospital, markets and shops and public amenities.
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