Kuwait has decided to let the private sector to enter as a partner in a mega fun city, which will be built on the Northern coast, a newspaper reported on Thursday.

Only foreign contractors with relevant experience of at least 30 years will be allowed to bid for the project in the port of Subiya, the Arabic language daily Alqabas said.

“The government has decided that this project should be developed, managed and operated by the private sector in partnership with the government,” the paper said, quoting official sources in Kuwait.

It said tenders would be issued for foreign firms with relevant experience of at least 30 years and that the government would fund the infrastructure, estimated to cost nearly 75 million Kuwaiti dinars ($231 million).

A study prepared by the competent authorities set five terms for a successful foreign partner to build and operate the fun city, the paper added.

These stipulate that the contractor must be a foreign firm listed on the stock market of the country of origin, has relevant experience of minimum 40 years, prove it has carried out similar projects in the country of origin, projects executed by that firm must have an area of not less than 2 square kilometres, and must form a local company to execute the fun city project, according to the paper.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)