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Biz News Korea(Eng)
S. Korea, Kuwait sign MoU to build new city in Kuwait
- Collected
- 2016.05.11
- Distributed
- 2016.05.12
- Source
- Go Direct
Kang Ho-in, Minister of South Korea’s Land, Infrastructure and Transport (MOLIT), and the Kuwaiti Minister of State for Housing Affairs H.E. Yasser Hassan Abul on Monday signed a memorandum of understanding (MOU) to cooperate on the development of the so-called South Saad Al Abdullah New City. Besides this, Korea Land and Housing Corp. (LH) inked another MOU with the Public Authority for Housing Welfare (PAHW) of Kuwait to develop the new city.
The South Saad Al Abdullah New City spanning 59 kilometers is located 40 kilometers west of the center of Kuwait, and 25,000 households will be built in the city. The city construction cost is estimated at $4 billion.
Under the deal, LH is assigned to draw up a comprehensive plan and conduct feasibility analysis in creating the city, and LH and PAHW together will set up a special purpose vehicle (SPV) to jointly invest and build the city. The SPV company will be in charge of designing, construction and operation of the city.
The Kuwaiti government will also purchase unsold land and houses once the city is completed, and the two parties will ensure government-level cooperation in mapping out new city policies and exchanges of knowhow and experience.
LH hopes its foray in Kuwait to build a world-class smart city can pave the way for other Korean builders to enter the country.
By Lee Han-na
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]