The real estate development project is located in the Sharq area, covering 384,385 square metres
Local firm United Real Estate Company has bid the highest for a contract to develop the third phase of a waterfront real estate project located in the Sharq area of Kuwait City.
The firm made the announcement in a filing with Boursa Kuwait, where it is listed.
The commercial offers were opened on 21 January, after Kuwait’s Finance Ministry and the Kuwait Authority for Partnership Projects had approved technical bids from seven groups for a contract to develop the project, as MEED reported.
The scope includes rehabilitation, renovation, development, operation and maintenance and management of the project under a 15-year usufruct arrangement.
The project covers an area of 384,385 square metres and is being developed on a public-private partnership (PPP) basis.
The other groups that are bidding for the project include:
- Mabanee / Al-Durra National Real Estate Company
- Al-Tijaria Real Estate Company / Al-Mutajara Real Estate Company / Al-Salmiya Group for Development
- Arkan Real Estate Company / National Investments / Real Estate House / Al-Safat Investment / Al-Buyout Holding / SAK Construction
- National Real Estate Company / United Projects Company
- Al-Hamra Group / Al-Hani Group
- Aayan Real Estate Company / Al-Enmaa Real Estate Company
UK analytics firm GlobalData expects Kuwait’s construction industry to grow by 5.1% in 2026-29, supported by government investment in the oil and gas sector aimed at raising production, as well as investment in the infrastructure sector.
In the short term, growth will be boosted by planned expenditure under the 2025-26 budget, which was approved in March 2025.
The construction industry in Kuwait is expected to record an annual average growth rate of 4.9% in 2026-29, supported by investments in renewable energy, transport and oil and gas projects.
The commercial construction sector is expected to grow by 4.8% in 2026-29, supported by public- and private-sector investment in the construction of hotels, retail outlets and office buildings.
You might also like...
Ruwais industrial complex struck by drones
10 March 2026
Riyadh navigates a changed landscape
10 March 2026
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
Take advantage of our introductory offers below for new subscribers and purchase your access today! If you are an existing client, please reach out to your account manager.
