A consortium led by National Investments Company has emerged the winning bidder for the development, renovation and maintenance of Al Muthanna Complex Real Estate Project in Kuwait City on a Public-Private Partnership (PPP) model.

The NIC consortium with key partners - Arkan Kuwait Real Estate Company, Buyout Holding Company, Osoul Investment Company, and Real Estate House Company - has achieved the highest financial and technical bid in the tender launched by the Public-Private Partnership Authority.

On completion, the project will transform the area into a vibrant cultural, commercial, and tourist destination, combining heritage, modernity, and interactive experiences, while supporting Kuwait Vision 2035 and creating economic and job opportunities for locals, reported the Times Kuwait.

The development will provide a comprehensive experience combining shopping, dining, entertainment, culture, interactive spaces, and innovative art installations.

Earlier, Kuwait, through the Authority for Partnership Projects, in collaboration with the Ministry of Finance, had invited bids from companies and consortia for the Al Muthanna Complex project.

The complex is located in Block 12 of the Qibla area on state-owned Plots No. 16 and 17, totalling 17,183 sq m. The scope of work includes rehabilitation, renovation, development, major and routine maintenance, management, and operation under a 15-year usufruct arrangement.

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