Kuwait sets aside $6.9bln for key residential development

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Kuwait has approved the funding for the development of a key residential project, South Saad Al Abdullah Town, as well as the rehabilitation of the historic Souq Al Mubarakiya, which was recently hit by a huge fire, reported Kuna.

The South Saad Al Abdullah housing project costs a total of KD2.1 billion ($6.8 billion) which will be phased over the coming state budgets according to the construction stages of the project, stated the report, citing the country's finance and economic and investment affairs minister.

"It is listed in the draft bill linking the budgets of the state departments for FY 2022-2023, Abdulwahab Al Rasheed told reporters, adding that the bill still awaits endorsement from the National Assembly.

"The housing question is a top priority for the government, which does its utmost to provide adequate funding for the Public Authority for Housing Welfare (PAHW) to meet its obligations towards the people of Kuwait," he noted.

"On January 25, the government injected liquidity to appropriation of 11,428 plots of land," he added.

On the Souq Al Mubarakiya revamp, the minister said an initial budget amounting to KD6 million ($19 million) had been set aside for the rehabilitation process of the historic marketplace.

An investigation panel was set up to determine the cause of the fire and draw up safety measures that could prevent recurrence of similar incidents, he added.