Companies will now submit proposals for the advisory contract on 27 May
Kuwait’s Partnerships Technical Bureau (PTB) says it has delayed until 27 May the deadline for proposals for a contract to advise the government on its $7bn metro project.
The original deadline to submit proposals was 20 April.
The PTB which is overseeing the project has drawn up a shortlist of companies from a list of 45 consultants that expressed interest in the deal in November 2009.
The scheme involves the construction of a 171-kilometre-long network with four lines running across Kuwait City. About 60km of the lines will be underground.
The winning bidder will act as the transaction adviser, helping the bureau structure, procure and negotiate the deal. This includes validating previous feasibility studies, carrying out due diligence on the project and overseeing the tendering process.
A private developer will design, build, finance, operate and maintain the metro network. It will own 40 per cent of the project company, the government will own 10 per cent and the state will sell the remaining 50 per cent to the public in an initial public offering.
The scheme is the second major project that PTB has initiated since its establishment in early 2009. The body expects to launch three more projects before the end of this year (MEED 8:3:10).
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