São Paulo – The government of Kuwait has floated a tender to develop four areas along the Sheikh Jaber Al-Ahmad Al-Sabah Causeway that connects its capital, Kuwait City, to the north of the country and Doha, Qatar. The ongoing tender will allow companies to develop and explore zones in the Bay Island North, Bay Island South, the south bank in the Shuwaikh area, and the north bank in the Subiya region. The causeway is a landmark of the country and was inaugurated as one of the world’s longest bridges.
The Embassy of Kuwait in Brazil has disclosed information on the international tender, inviting companies to participate. Registration for interested bidders is open until March 17. Foreign companies may act as a bidder provided they are registered with the Kuwait Direct Investment Promotion Agency and the parent company is listed on the stock exchange of its country of incorporation.
Kuwaiti bidders must be listed on the Boursa Kuwait or owned at least 50 % by the Kuwaiti Government, registered with the Ministry of Commerce and Industry and the Chamber of Commerce and Industry in Kuwait. The bidder can also be a consortium of companies, but in either case the bidder shall demonstrate its experience in developing, managing or operating mixed use real estate developments and the completion of at least one similar comparable development not less than 50 thousand square meters during the last seven years .
The tender says that the bidder will have a license for the planning, development, completion, operation, maintenance, utilization and investment in the four sites. Bay Island North and Bay Island South are crossed by the causeway. The stretch that comprises all four sites is the one connecting Kuwait City to the North of the country. The causeway has two directions, one to the North, and the other to Doha.
The tender says that the land area available for investment is approximately 1 million square meters and that the successful company shall develop retail, hospitality, health, wellness, food & beverages, and other activities. The bidders must have an average annual turnover of not less than KWD 5 million (USD 16 million) over the past three financial years.
The successful company shall undertake the design, financing, execution of the infrastructure and the facilities across all sites, including the operation and management for a duration of 35 years. “The project’s objective upon completion is to transform into an attraction both locally and regionally featuring entertainment, social, cultural and sports venues, achieving viable financial returns to the Investor and the government,” the tender says.
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Translated by Guilherme Miranda
