KIPCO starts building $2.0-$2.5b real estate project

Kuwait: Kuwait Projects Co (KIPCO), the Gulf state’s largest investment company, said on Sunday construction had begun on its $2 billion to $2.5 billion (Dh7.3 billion to Dh9.2 billion) real estate project in Kuwait. Banks will provide financing for half of the project, with KIPCO funding the remainder directly, said Tawfiq Al Jarrah, executive director of Hessah Al Mubarak Real Estate Development. Kuwait’s Burgan Bank will be among the main lenders to the project, he said at a press conference about the development.