Kuwait's MoC to build complexes, malls, boost cash input – Bid to revitalize economy

KUWAIT CITY, Jan 22: The 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, reports Al-Qabas daily quoting sources. The same sources revealed that 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), which are the most important current financial and economic foundations and directives in the main lines, as mentioned in paragraph 3 of those foundations, including working to reform the economic structure, develop nonoil revenues, and revitalize the national economy. The sources said that the ministry has made it clear in its speech that, based on the job responsibility to develop the financial resources of the ministry, which reflects positively on the public treasury, and in implementation of the state’s policy to develop non-oil sources of income, a large area has been allocated to the Commerce Ministry by the Ministry of Finance as unexploited warehouses, located in a commercial area. It is very vital, and it is considered the backbone of the state (Al-Shuwaikh Industrial Area), so when that area was allocated by the state, its aim was investment and commercial activity in the first place. 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, provided that 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, which 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. The Ministry hoped to approve its proposal, to establish the appropriate mechanism, according to which exploitation takes place in the best way, and which preserves the rights of the Ministry, with the Ministry’s full readiness to develop a full vision regarding exploitation at the lowest financial cost to establish these rental units within the shortest period of time and offer them for rent. © 2022 Arab Times Kuwait English Daily. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Kuwait's MoC to build complexes, malls, boost cash input – Bid to revitalize economy

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