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Kuwait to build $676 million island resort

Kuwait is planning to build a tourist resort on one of its islands at a cost of around 205 million Kuwaiti dinars ($676 million) as part of an ongoing economic diversification programme, a newspaper in the OPEC producer said on Monday.  

The cost of the resort on Falaika Island on the Gulf includes nearly KWD75 million ($247.5 million) for infrastructure and the rest for capital expenses, the Arabic language daily Alqabas said, citing a study by Kuwait’s Touristic Enterprises Company.

The study, which has just been reviewed by the cabinet, proposed the project should be offered to investors on a 30-year lease basis and that the private sector should provide around KWD130 million ($429 million) in funding.  

Link: https://www.zawya.com/en/projects/construction/kuwait-to-build-676mln-island-resort-p8sehyzx

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