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Kuwait to establish firm building low-cost houses |
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Wednesday, 12 May 2010 00:08 |
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KUWAIT, May 11 (KUNA) -- The constituent committee of a company for low-cost housing units said Tuesday it would place 50 percent of shares in an auction
and the rest for public subscription following the firm's foundation.
Committee chairman Fahad Al-Saeed said the to-be-established company would be handling designing, building and maintaining the low-cost housing units in line with the BOT regime.
He said the company would be established to build low-cost houses in Al-Sulaibiya and Al-Jahra areas to replace the aging houses.
Fawaz Al-Sammar, chief of staff of the Deputy Premier for Economic Affairs, Minister of State for Housing and Minister of State for Development, highlighted importance of the private sector to contributing to the development in Kuwait.
Member of the constituent committee Essa Khadada said the company, with a capital of KD 250 million, would establish a residential area with 9,696 houses, schools and a hospital, markets and shops as well as public faciilties.
Every house will be over 150 square meters, he said. - Kuna
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