A major seafront development project in the capital Kuwait City has attracted bids from seven companies, the public-Private Partnership Projects Authority (KAPP) has said.

KAPP said it has completed the technical evaluation and approved the results of the bids submitted by investors competing for the project.

The project includes upgrading, developing, maintaining, managing, and operationg the waterfront property  (Phase Three -East District, Kuwait City).

KAPP confirmed that the session for opening the financial bids of those that passed the technical evaluation stage will be held on January 21.

This will pave the way for the financial evaluation phase, the selection of the preferred investor, and the awarding of the project to the developer who submits the best offer.

KAPP said several consortia are competing for the project, includinga  consortium led by Mabanee Real Estate Company, which includes Al-Durra National Real Estate Company and a consortium led by Commercial Real Estate Company, which includes Al-Mutajera Real Estate Company and Al-Salmiya Group for Project Development.

Another consortium is led by Arkan Real Estate Company and comprises National Investments Company, Real Estate House Company, Al Safat Investment Company, Al Bayut Holding Company, and SAK Construction Company.

Other bidders include United Real Estate Company, a consortium led by National Real Estate Company, comprising United Aviation Services Company, a  consortium led by Al Hamra Real Estate Company, comprising Al Hani Group and a consortium led by Aayan Real Estate Company, comprising Al Enmaa Company.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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