KUWAIT, The cabinet has approved tendering the project for executing and expanding Umm Al-Haiman wastewater project in the south and hard waste treatment venture in Kabad, north of the Kuwaiti capital.
Kuwait Authority for Partnership Projects (KAPP) said in a statement on Thursday that the government gave its nod at Monday’s session, thus resolving difference with the Audit bureau about the issue.
The authority, after obtaining the blessing, will prepare a full report about the two ventures and submit a recommendation to the higher commission to accredit the winning investor — in coordination with Ministry of Public Labor for Umm Al-Haiman and Kuwait Municipality for Kabad’s project.
Once the higher commission has approved the qualified investors, the latter will be invited to sign the document of commitment; after which a partnership company will be established.
The authority will take charge of establishing a public share-holding company for the partnership venture; where the qualified winner will possess stakes allotted for the private sector, 40 percent. The relevant public authorities will contribute to the capital by 10 percent.
The authority will float stocks for public subscription — 50 percent of the capital — until the project reach the commercial-operational stage where the citizens will be invited to pay value of the stocks.
Source: Kuwait News Agency