KUWAIT MUNCIPALITY WILL BE IN CHARGE OF REBUILDING THE FIRE-RAVAGED MUBARAKIYA MARKET

  • 15/05/2022

Kuwait City: The second meeting of the committee, which was formed to deal with the impacts of the recent fire in the commercial section of Mubarakiya Market, concluded with the Kuwait Municipality adopting the initial vision for the reconstruction of the burned part of the Souq Mubarakiya. During the meeting, the Ministry of Finance examined its Mubarakiya development vision. 


It revealed the preparation of an economic study to invest in the site with an annual rental value of KD 3.6 million through B.O.T. projects and the recovery of the amounts paid in its reconstruction. According to the Ministry of Finance, investment in the site may contribute to achieving an expected increase in the state’s revenues. It estimated the affected area to be approximately 5,000 square meters out of the site’s total area. The Kuwait Municipality and the Ministry of Justice were asked to identify the private properties in the area. The application of the 1964 Expropriation Law for the Public Benefit was proposed in the event that the owners of private properties in Mubarakiya area refused to accept development.

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