Koreans help build $4bn Kuwait city
01 June 2016
The governments of South Korea and Kuwait will jointly build a new city – The South Saad Al Abdullah New City – 40 km west of the centre of Kuwait at an estimated cost of $4 billon, said a report.
The city, which will be spread over an area of 59 sq km, is set to house 25,000 residential units, reported Pulse News.
The Kuwaiti government will also purchase unsold land and houses once the city is completed.
Besides this, the Korea Land and Housing Corporation (LH) has signed another agreement with the Public Authority for Housing Welfare (PAHW) of Kuwait, under which it will draw up a comprehensive plan and conduct a feasibility analysis in creating the city and, together with PAHW, set up a special-purpose vehicle (SPV) to jointly invest and build the development, the report said.
The SPV company will be in charge of designing, construction and operation of the city, it added.
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