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Construction begins on KIPCO's $2-$2.5 bln real estate project

Banks will provide financing for half of project, with promoter funding remainder directly

Published: Updated:

Kuwait Projects Co (KIPCO), the Gulf state’s largest investment company, said on Sunday construction had begun on its $2 billion to $2.5 billion real estate project in Kuwait.

Banks will provide financing for half of the project, with KIPCO funding the remainder directly, said Tawfiq al-Jarrah,
executive director of Hessah Al Mubarak Real Estate Development.

Kuwait’s Burgan Bank will be among the main lenders to the project, he said at a press conference about the development.