Mabanee inks Kuwait luxury resort management deal
KUWAIT CITY, July 7, 2024
Leading Kuwaiti developer Mabanee has signed a KD5.1 million ($17 million) contract with Touristic Enterprises Company for the operation and managment of a resort in Kuwait city.
The resort by top hospitality group Hilton will come up on a 242,436 sq m area in Almangaf beach area, said Mabanee in its filing to Kuwait stock exchange (Boursa Kuwait).
The contract, for Plage 13 (previously Hilton Mangaf), is for a period of 17 years starting from the date of actual operation of the site.
A pioneer in the entertainment and recreation business, Touristic Enterprises Company has largely participated in the tourism development of Kuwait through the varied services it providers in its facilities located around the state.
"The contract signed with Mabanee Company represents the first step towards activating and consolidating the strategic partnerships that the Tourism Enterprises Company is carrying out with the private sector to develop and advance the tourism and entertainment sector," said a company spokesman.
A leading real estate investor, developer, and project manager, Mabanee collaborates with partners to create world-class real estate projects that excite customers and are innovative and recognized for their design, quality, and return on investment.
Last year, it had signed an agreement with Public Authority for Housing Welfare (PAHW) for the Sabah Al Ahmad Project (S3), a key mixed-use development coming up on a 40,121-sq m-area in the capital city.
As per the public-private partnership (PPP) agreement, Mabanee will provide the design-and-build services as well as the funding and operation of the KD26 million ($84.6 million) project.
A commercial mixed-use development, S3, boasts a hotel and a shopping mall with the theme of an old Kuwait Souq. It is set to be completed within three years.-TradeArabia News Service
