Kuwait’s Partnerships Technical Bureau (PTB) is inviting firms to submit expressions of interest by 15 June for transaction advisory services on the multi-billion dollar Failaka Island tourism and leisure development project.
Firms will be able to start submitting expressions of interest from 2 May, says the PTB.
The winning firm or consortium will assist the PTB in structuring, procuring and negotiating contracts for the Failaka Island scheme.
Kuwait’s Public Works ministry is planning to transform the 43-square-kilometre island of Failaka, which lies 20km east of Kuwait City, into a major tourism and leisure resort. This would involve the construction of infrastructure, a waterfront development with chalets, hotels, a new marina and a jetty.
The plans also include building recreational areas and cultural and educational areas.
Kuwait first decided to develop the island in 2003 but progress on the project has been slow. The state audit bureau carried out an investigation into construction contract awards in Kuwait in 2008 which led to the scheme being severely delayed (MEED 29:4:08).