Kuwait MoC to build complexes, malls, boost cash input

Kuwait Ministry of Communications (MoC) is working to carve out part of the land for the ministry’s warehouses in the Shuwaikh Industrial Area for investment in order to develop its financial resources by establishing complexes and shopping malls.

The Ministry of Communications has informed one of the concerned authorities to set apart a piece of the land for the ministry’s warehouses, referring to the Ministry of Finance Circular No. 5 of 2018, regarding the preparation of estimates for the budgets of ministries, government departments and subordinate institutions, and the principles and rules that should be followed in preparing them according to the budget classifications (the cash basis), reports Al-Qabas daily quoting sources.

The sources emphasized that the location of the ministry’s stores is ideal for investment in establishing commercial stores on the front of the stores overlooking the main street, which are opposite to complexes and commercial stores owned by companies or individuals, noting that the ministry decided to establish commercial stores on the side of the parallel street along the stores, which exceeds its length by 300 meters. An area of 10 meters is cut out with a depth of warehouses, to construct complexes and commercial stores that are rented through public bidding or direct rental to companies or individuals wishing to rent them, and to generate additional income for the Ministry.

This positively reflects in the public treasury, noting that this area is one of the desirable areas to rent, and the cost of the rent due on it is considered one of the highest areas in the State of Kuwait.