Kuwait’s Partnerships Technical Bureau (PTB) has received bids for the contract to supply transaction advisory services for the estimated $3bn tourism development on Failaka Island.
The PTB received bids from five consortiums on 30 November, said Yousef Munawer, chairman, steering committee for Failaka island, speaking at MEED’s Kuwait Projects Conference 2010.
The transaction advisory service will involve the master-planning, feasibility study and the environmental impact assessment.
The PTB expects it take about two months for them to select the consortium for the advisory role. The winner will then have 21 months to re-design the masterplan.
Kuwait’s Public Works Ministry is planning to transform the 43-square-kilometre island of Failaka, which lies 20 kilometres east of Kuwait City, into a major tourism and leisure resort. This involves the construction of infrastructure, a waterfront development with chalets, hotels, a new marina and a jetty.
Kuwait first decided to develop the island in 2003, but the project was severely delayed following an investigation carried out by the state audit bureau into construction contract awards in Kuwait in 2008.
Failaka Island is just part of Kuwait’s wider PPP programme, which comprises 24 projects worth $21bn.