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Kuwait to set up JV for construction projects - newspaper
09 March 2017
Kuwait is planning to create a joint venture with the private sector to oversee execution of large construction projects in the country, a newspaper said on Wednesday.
The government has asked the Kuwait Authority for Partnership Projects (KAPP) to form the venture which will be 50 percent owned by Kuwaiti private investors while 6 percent to 24 percent will be held by the government and the rest by foreigners, Arabic daily Al-Nahar said, quoting informed sources.
"The new company, to be operational in early 2018, will manage big projects in Kuwait with the aim of speeding up their execution. It will focus on the construction and real estate sector," said the report.
KAPP is currently working on the new venture's statute, capital structure and functions, it added.
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