The Kuwaiti Authority for Partnership Projects announced the selection of United Real Estate Company to implement the Souq Sharq Waterfront Development Project (Phase III) with an annual usufruct value of KWD 13.13 million for a period of 15 years. The decision was approved by the Higher Committee, chaired by Minister of Finance Dr. Yaqoub Al-Rifai.
The authority stated that the project, in cooperation with the Ministry of Finance, aims to develop state assets and maximize economic returns. It also emphasized full compliance with legal requirements and confirmed that approval from the State Audit Bureau was obtained, with procedures carried out under principles of transparency and governance.
The project recorded a significant jump in returns, rising from KWD 28.2 thousand annually to more than KWD 13 million currently, reflecting the efficiency of the partnership framework in strengthening the national economy and sustaining added value.
