Kuwait Real Estate News
Kuwaiti Government allocates 1.6bn dinars for a mega-venture project
Speaking on the occasion of the Arab Housing Day, the Minister stated that the fund that has been kept aside would finance the construction of Saad Al-Abdullah City, Jaber Al-ahmad City and Sabah Al-ahmad City.
Minister of State for Housing and Communications, Abdulwahed Al-Awadhi has revealed that an amount of 1.6billion dinars has been set aside by the Public Housing authority towards construction of three cities.
The cities would comprise 20,000 residential units for accommodation of nearly 175,000 nationals. The mega-venture is currently in the budding stage, with designing and charting. The Authority is also examining prospects of building cities in Al-Khairan and Al-Metlaa.
The construction of the cities would be simultaneous with the implementation of the five-year development plan, which would group 47,000 houses for 400,000 citizens.
Al-Awadhi agreed that the private sector will play a prominent role in these projects. Since the year 1974, more than 70,000 residential units have been already built by the Authority, which are worth around two billion dollars.
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