The company was one of only two bidders to submit proposals for the project.
The second bid came from another local firm, Contractor for General Trading & Contracting Company.
Kharafi submitted a price of KD167.5m ($629m) for the renovation work while the other bid was for KD174.2m.
The tender for the contract was issued in late 2007. The client is the Electricity & Water Ministry.
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