The proposed scheme, which includes creating financial and cultural hubs, will cost KD200m ($750m) and is to be built on reclaimed land in Kuwait Bay.
Local real estate company Al-Mazaya is proposing the scheme.
“We have proposed the technical designs, masterplans and a financial overview, and it is now up to the government to decide,” says Abdullah al-Roudan, assistant projects and business development manager at Al-Mazaya. “Hopefully in the next two weeks we will be presenting to him [the prime minister].”
If approved, Al-Roudan says, Al-Mazaya will seek to establish a public joint stock company to fund and supervise the project. “We have proposed to start up a company of KD100m, which will be the master developer,” he says. “It will look after the development, and will handle everything from reclamation to construction.”
The financial island, Neira, will be split into three zones: a financial hub, an area including governmental offices and marine terminals, and residential areas.
The other island, Yammar, will be heart-shaped and will focus on leisure and cultural activities. It will integrate the traditional influences of all six GCC countries and will include theatres, art galleries, cultural facilities, residential buildings and marinas.
The two hubs will require 1.5 million square metres and 4.6 million sq m of reclaimed land respectively, and offer 20,000 residential units in total.
Al-Mazaya is in talks with Dutch firm Van Oord over carrying out the reclamation works. Al-Mazaya says the project will provide more than 90,000 jobs for locals. The UK’s Halcrow is the design consultant and was responsible for the project’s masterplan.
Al-Roudan says no date has been set to approach contractors or issue tenders.
Al-Mazaya recently launched a subsidiary in Saudi Arabia. It plans to develop three residential projects in Riyadh, with a value of SR4bn ($1bn).