Wafra Real Estate to invest in the development of Failaka Island – ARAB TIMES
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KUWAIT CITY, September 19: The Public Institute of Social Security, represented by its real estate branch, Wafra Real Estate Company, is studying investment in Failaka Island through the development of a marine tourist park with all its facilities, including the chalets, infrastructure and logistics to serve it, Al-Qabas reports daily. Informed sources have indicated that Wafra Real Estate will conduct a feasibility study to enter into this investment, especially since it intends to develop its project on the island on a world-class model that simulates the best similar projects in the world, while preserving and renewing the historical and social identity of the island.
The sources confirmed that the PIFSS investment in Failaka is profitable and aims to maximize the income of the institute by generating assets that positively affect the salaries of retirees, pointing out that the PIFSS follows, in all its projects and investments. , a strategy that balances profitability, hedging and risk management.
The sources added that the tendency of the Social Insurance Institution to invest in “Sheikh Jaber Al-Ahmad Causeway Islands” or even Failaka Island or any vital future projects in Kuwait is part of its role in finding good investment opportunities, as well as in an effort to move the wheel of the local economy, both in terms of the tourism sector, outsourcing, construction or other sectors related.
A recent study indicated that a government trend is to separate and divide tourist sites on Failaka Island from 2 to 4 parks as required, with each park having a particular character, serving various customer segments (tourist park, family park, heritage park), a sanatorium park for physiotherapy or convalescence and recreation. It is decided, according to the first perceptions of the mechanism of launching the Failaka Island development project, that the project will be leased for a period of 20 years in accordance with article 17 of the law on the property of the island of Failaka. ‘State which stipulates that it is authorized to lease private real estate or movable property of the State for a small sum or less than the same salary to a legal or natural person with the intention of achieving a purpose of public interest, and the lease is based on the proposal of the minister or the head of the competent authority or institution with the approval of the Council of Ministers.
Informed sources indicated that the ministerial committee overseeing the monitoring of the implementation of major development projects headed by Deputy Prime Minister, Minister of Defense and Acting Minister of Interior, Sheikh Talal Al-Khaled Al -Sabah, is working at full speed to coordinate with the competent authorities in the development of the island of Failaka, in order to identify the current obstacles and develop quick solutions to overcome them. This will be done in coordination with the Municipal Council to put in place a mechanism for the uses of the project in line with the ambitious government vision of the project, taking into account the positive spin-offs that the private sector will develop and manage.