KUWAIT CITY - Al-Qurain Commercial City, which will offer integrated services in Kuwait, is currently being established on a huge area, measuring two million square meters. It is touted as the biggest commercial, vocational, and service city in Kuwait. The first phase, which is now up for sale, includes 10,000 shops for over 100 businesses and a 14-km long commercial front. The city is strategically located to actualize development objectives, in addition to enhancing the activities and growth of various sectors like economic, commercial, service and handicraft. It aims to establish a new and advanced concept in the world of business and shopping in Kuwait.
The city seeks to be the destination of investors from Kuwait and other countries in the region, and serve as a bridge towards the realization of Kuwait's vision to be a commercial hub in the region by virtue of the numerous factors that qualified it to implement this colossal development project. Director General of Al-Qurain City Markets Nasser Abdul-Rahman has detailed various features of the project that will contribute in achieving a number of important economic and commercial objectives, such as Kuwait's transformation into a regional commercial center.
Abdul-Rahman revealed the city has succeeded in opening doors for booking the units within a short period, attracting several famous and leading companies and institutions not only in Kuwait, but also in the regional and international communities. These companies and institutions are involved in various activities in the commercial and service sectors. He hopes the huge turnout of units will continue as the project offers many unprecedented privileges to investors.
Stating that the city has also succeeded in attracting various segments of investors and their financial groups in accordance with their abilities, Abdul-Rahman stressed the city offers a plethora of investment opportunities. He explained the immaculate and advanced layout of the city guarantees a high level of privacy for various activities as each activity has its own location.
First initiative
Abdul-Rahman pointed out Al-Qurain Markets is the first city to be established and managed by the private sector, including roads, drainage, water and electricity networks, as well as government buildings like police station, clinics, fire service center, mosques and power stations. The city is unique as it is the first commercial zone in Kuwait with an optic fiber telecommunication network. The city's administration will be in charge of providing full services like general sanitation, overall security, maintenance of roads, infrastructure, beautiful gardens, bazaar festivals, and management and advertisement services for the tenants.
Future horizons
Highlighting the huge and promising opportunities that await the city and the investors, Abdul-Rahman said it offers a lot of privileges, considering its strategic location, diverse activities, huge areas for lease, competitive prices, and proximity to densely populated areas.
Abdul-Rahman expects the establishment of mega malls and hypermarkets within a short period, taking into consideration the large number of local and regional companies and institutions in these fields that have expressed their interest in the project.
Modern investors
Emphasizing that the city is seeking to be unique in becoming a leading commercial entity to attract modern investors from several fields for the first time in Kuwait, Abdul-Rahman said the city is a one-stop shopping destination as it will provide all the needs of shoppers. He explained the city will create a new marketing outlet with advanced concepts and comfortable techniques with more than 100 activities in a huge location, consisting of various service centers, magnificent gardens, parking lots, roads, pavements and other facilities.
Considered as the biggest commercial center near densely populated areas in the country, Abdul-Rahman enthused this is an unparalleled and model project, which will minimize pressure on the local market and address various problems encountered by shoppers like overcrowding.
Diversity of activities
Abdul-Rahman stated the city takes into account specialization in various activities to ease procedures for investors and shoppers, hence, the city will be divided into towns, areas and streets, according to the activity and sector. He added the city will be a 'home' for over a hundred activities in the commercial, handicraft and service sectors like banks, financial and insurance institutions, mobile phones, clothes, medical supplies, car spare parts and decoration, food and other consumer products, training institutes, building materials, paints, electronics, computers, typing tools and services, travel and tours, health institutes, money exchange companies, restaurants, cafés, Internet, tailor shops and saloons.
Taking into consideration the conservative Kuwaiti society, Abdul-Rahman said some areas and complexes will be allocated for women like shops for gold, perfumes, accessories, watches cosmetics, dresses and abayas, in addition to saloons. Special areas will also be allocated for shoppers who buy in bulk, different food items like vegetables, fruits, meat, fish, sweets, pastries and dates.
Promising area for investment
Abdul-Rahman stressed the city offers viable investment opportunities in accordance with certain economic and commercial standards, taking into account the impact of the global financial crisis on the local economy. He pointed out the city is a perfect place for the expansion of commercial activities due to the availability of various services, infrastructure, advanced facilities and entertainment centers for different members of the family, especially children.
Asserting the city's administration is keen on encouraging investors from various groups, Abdul-Rahman revealed "we will also cater to small investors interested in starting business in an environment conducive for investment to ensure the success of their enterprises." He added the city will be a major destination for investors in Kuwait and other parts of the region as it can accommodate a large number of companies that can greatly contribute to national development.
Real estate business
Abdul-Rahman expects a boom in the real estate sector in Kuwait within the next period, particularly the second half of 2009, considering the 30 to 40 percent decline in the prices of real estate properties in the past. He said the lower prices have paved the way for big opportunities for investors in this promising and safe sector which, so far, is the least affected by the global financial crisis.
The approval of the economic stimulus bill and a court verdict exempting Islamic banks from law number 8 and 9 have given banks the ability to finance the real estate market again. A report issued recently confirmed that the loans granted to the real estate sector increased by about KD188 million in February, ushering in an unexpected improvement in the sector after a relatively short hiatus. Real estate companies listed in the Kuwait Stock Exchange (KSE) are still ahead in terms of market trading, indicating traders trust the real estate sector in spite of the crisis, Abdul-Rahman added.
Proximity to densely populated areas
Operations Department Director Charbel Haik pointed out the city is surrounded by densely populated areas with an estimated population of 2.5 million, including over 200,000 in Mubarak Kabeer, 640,000 in Ahmadi, 914,000 in Farwaniya and 715,000 in Hawally. He expects a huge turnout of shoppers from various sectors in the four governorates. He added the city is just three minutes drive from the Al-Qurain residential area -- the most populated area in the country.
Geographical location
Haik asserted the city is strategically located as it is in the center of four governorates, along King Fahd Highway, which is only five minutes drive from Kuwait International Airport, 10 minutes from Kuwait City and six minutes from Ahmadi.
Being close to the airport, along a highway and at the center of densely populated areas in Kuwait, Haik asserted the city is the best place for a number of commercial activities like transportation and logistics, not to mention the vast areas that are available for rent.
List of companies
Haik revealed the city has attracted several leading companies and institutions, including Electrozan, International Bank of Kuwait, Ramex Group, Lulu Hypermarkets, Gulf Bank, LG, Babtain Electronics, Gulf Insurance, Kuwait Insurance, UAE Exchange, Muzaini Exchange, Great Steak, Naif Chicken Restaurant, Burger King and Future Communications Company among others.
© Arab Times 2009
