Initial agreement between Kuwait and South Korea for the development of a residential district – ARAB TIMES
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KUWAIT CITY, Jan 24 (KUNA): Minister of Public Works and Minister of State for Housing Affairs Dr Jenan Boushehri on Thursday initialed an agreement between the Public Authority for Housing Welfare (PAHW) and the South Korea Land and Housing Corporation to develop South Saad Quartier d’Al-Abdallah.
Speaking to reporters after signing the initial agreement, the minister said it stipulates the formation of a company to run the business according to economic studies, with the participation of Kuwaiti and South Korean companies.
The implementation of the agreement in principle largely depends on a feasibility study, which should be finalized by the South Koreans by April 2019, she said.
The preliminary agreement does not contemplate any financial or legal liability, she said, indicating that the two countries signed a note on September 21, 2004, for cooperation in housing, city development and infrastructure. Two more were signed on May 9, 2016 to expand cooperation and create a strategic partnership between the two governments and develop southern Saad Al-Abdullah as a smart city.
In April 2017, continued Minister Boushehri, the PAHW and the Korean company drew up a consultancy contract on the design of the program and the production of the relevant documents.