Wednesday, 22 January , 2020     |     935      |      +      |     

PUMC incurs losses at expat workers city project

PUMC incurs losses at expat workers city project : Google
  • Kuwait News

The Public Utilities Management Company signed a contract with the State Property Affairs Sector at Ministry of Finance to manage, operate and carry out maintenance work of the expatriate workers city project in Shedadiyah for 20 years.

The contract signed since 2016 will run until 2036, reports Al-Shahed daily.

The daily quoting a reliable source affirmed that the project covers 23 residential buildings, each of which is four-storey in structure. The entire land space of the project is 100,648 squaremeters of which each building covers 4,376 square meters.

The landed property is worth KD300,000 at KD3 per squaremeter and the company has been able to rent out 10 out of the 23 buildings it constructed,

which is just about 43 percent; thus incurring KD564,247 after spending KD118,800 to tar the road serving the city, while additional KD28,000 was spent on alarm and fire safety-related works.

He indicated the company approached the Public Property Sector at Ministry of Finance on several occasions in 2018 demanding payment of its entitlements running into KD577,000 from the deal reached to manage and operate Al-Watiyah and Al-Wataniyah Markets, as well as the Palm Mall, noting some of the entitlements were up to 11 years.

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Category: #Kuwait News | 2020/01/22 latest update at 11:39 PM
Source : Arab Times | Photocredit : Google
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