Faisal Al Ayyar the vice executive chairman of Kuwait Projects Company (KIPCO) has announced started work on a massive real estate project in Al Da’iya during the current year, a project which he described as the dreams city. The project cost will reach 2.5 billion dollars.
The total leasable area in the project is around 400 thousand square meters, it includes residential areas, restaurants, spas, clinics, retail spaces, and hotel. Al Ayyar added saying that the company will sign the infrastructure contracts in the coming two weeks and works will start in a year. The project will be finished in a period spanning from 5 to 7 years.
He added saying that despite the concurrent economic situation for this year which is expected to reduce the company’s revenues compared to latter years, the company is still on the right track to double its 2014 profits in 2018 thanks to the sustainable growth of the company’s activities.