Firms submitted expressions of interest in supplying transaction advisory services on 15 June
Kuwait’s Partnerships Technical Bureau (PTB) is inviting firms to prequalify by 6 September for the contract to supply transaction advisory services for the $3bn development of Failaka Island.
Firms submitted their expressions of interest (EOL) in the transaction advisory deal for the project on 15 June.
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.
The plans also include building recreational areas and cultural and educational areas.
The PTB is expected to invite contractors to bid for construction work on the project in March 2011.
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.
In July, the PTB invited firms to prequalify for the transaction advisory contract for five public-private partnership (PPP) projects at Kuwait International Airport.
Failaka Island is just part of Kuwait’s wider PPP programme, which comprises 24 projects worth $21bn.
The PTB plans to award the advisory contracts for three of these projects by the end of the year (MEED 17:6:10).
These projects include the Failaka Island tourism development, the $7bn Kuwait metro and the $10bn rail network.