Kuwait-based real estate developer Mabanee Company said it has 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 (PPA) 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 will boast retail, entertainment and hospitality components.
According to Mabanee, the entire project, featuring a hotel and a shopping mall with the theme of an old Kuwait Souq, is scheduled to be completed within three years. The time period for the operations will run to 32 years, it added.