Al-Mal Real Estate Company will take a 45 per cent stake in the project company while Al-Mal Kuwaiti Company
will hold 25 per cent and Kuwait Commercial Complexes Company
and Golden Shaheen
will each take 15 per cent. Project costs are estimated at KD 40 million ($138 million) and the area to be developed covers about 1.7 million square metres. Detailed designs are due to take about a year, construction a further two years, with the resort then operated on a 20-year BOT concession.
The completed resort will comprise a 100-room hotel, 502 chalets of various designs and sizes, a sports and entertainment centre with a pier, a health spa, a water park and golf and mini-golf courses. The area includes a 5 kilometre-long stretch of beach.
The wider development of Failaka island is being undertaken by a new executive department, Divided Zone Agreements & Kuwaiti Islands & Mega Projects Development Team (Dizart), at a cost of some $5,000 million. Applications for prequalification are due in late August from developers interested in a BOT contract to operate the tourism infrastructure planned on the 43 square-kilometre island (MEED 30:7:04, Cover Story).