Home Business Kuwait sets aside KD2.1 billion for the South Saad Al Abdullah project

Kuwait sets aside KD2.1 billion for the South Saad Al Abdullah project

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Kuwait sets aside KD2.1 billion for the South Saad Al Abdullah project

Abdulwahab Al-Rasheed, Kuwait’s Minister of Finance and Minister of State for Economic and Investment Affairs, said Tuesday that the government gave the green light to the funding of South Saad Al-Abdullah Town and the rehabilitation of Souq Al-Mubarakiya in FY 2022-2023. The total cost of the South Saad Al-Abdullah housing project is KD 2.1 billion (nearly $6.8 billion), to be phased over the coming state budgets according to the progress of the construction.

Kuwait sets aside KD2.1 billion for the South Saad Al Abdullah projectIt is included in the draft bill linking the budgets of the state departments for FY 2022-2023, he told reporters, noting that the bill still needs to be approved by the National Assembly. Providing adequate funding to the Public Authority for Housing Welfare (PAHW) is a top priority for the Kuwaiti government, the minister noted.

The government injected liquidity on January 25 to appropriate 11,428 plots of land, Al-Rasheed said, praising legislative cooperation. Three months later, the executive authority approved funding for the South Saad Al-Abdullah project, a sign of how keen we are to enable PAHW to find housing solutions.

During the recent fire at Souq Al-Mubarakiya, he said safety measures will be drawn up to prevent recurrences of similar incidents. A budget of KD6 million (some $19 million) was set aside for the rehabilitation of the landmark marketplace, the minister said, refuting media speculation.

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