A $1.1B Residential Project In Kuwait has officially awarded its construction contract to a Chinese construction and engineering company, Gezhouba Group. In a nutshell, the project is known as the South Saad Al Abdullah Housing Project. Its location is within the Jahra Governorate. As per reports, its development began in 2017 and is said to include cultural as well as religious facilities and an artificial lake. Additionally, it will also feature administrative and commercial buildings alongside huge green spaces and an entertainment zone.
The project’s contract was awarded to the Chinese builder by Kuwait’s Public Authority for Housing Welfare (PAHW). Since its establishment in 1977, it’s been one of the oldest Design and Engineering consultancies. An official statement from PAHW revealed that Gezhouba was its lowest bidder. In addition to building the mega-development, the company will also be responsible for maintenance-related works.
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$1.1B Residential Project In Kuwait’s Total Area
In total, the $1.1B Residential Project In Kuwait spans 6,400 hectares. Moreover, it has five residential areas, that feature 24, 508 houses. Reports state that the housing units, at an estimate, will accommodate up to 400,000 people. As a whole, it forms part of Kuwait’s ambition to build an eco-friendly smart city. Moreover, the project strives to be in line with international standards.
Last year, on 27 April, the Kuwait Government, set aside $6.9 billion funding for the development. A press release statement revealed that the entire project will cost about US$6.8 billion (KD 2.1 billion). While speaking about the project, the Minister of Finance stated housing is a top priority for the state. Thus, he added, the government will continue to do its utmost best to provide adequate funding to PAHW. Abdul Wahab al-rasheed, further unveiled that on 25 January a milestone had been achieved. The Minister of State for Economic and Investment Affairs said that the government had injected liquidity to the appropriation of 11,428 plots of land, on 25 January.