Kuwait’s Central Tenders Committee has approved the award of a KD74.5m ($267m) contract to the local First United General Trading & Contracting build the new Kuwait Investment Authority (KIA)tower in Kuwait City.

First United submitted the lowest bid out of seven groups when prices were submitted in March. CTC approval is the final step before a formal contract award. The contractor is expected to be awarded the contract before the end of May.

The proposed new headquarters building is a 220-metre-tall tower located in the centre of Kuwait City. It will include an auditorium and other public facilities in a six-storey podium. The structure will cover a total area of 130,000 square metres.

The building was designed by the local KEO International Consultants, which was awarded the design contract in 2007, fending off competition from five international design firms.

The KIA project is the second financial tower planned for construction in Kuwait City. The National Bank of Kuwait (NBK) is preparing to build a new 300-metre-tall headquarters building. The 70-storey tower will be located in the Sharq area of Kuwait city. The project is being developed by the National al-Shaab Real Estate Company.

The tower has been designed by the UK-based architecture firm Foster & Partners. Bahrain-based Projacs International has been appointed project manager and the local SSH International is providing consultancy services on the development. Piling work on the project began in December.