Kuwait Investment Authority has just approved the capital increase of KWD250 million (US$829 million) to the country’s Touristic Enterprises Company (TEC).
With this new capital, TEC revealed redevelopment plans for 11 key facilities, across five segments, including park and family entertainment, hospitality, recreational clubs, highways rest areas and waterfront marinas. TEC also introduced plans for the redevelopment of three key projects to be executed in a first wave, Nuwaiseeb Rest Area, Ras al Ardh Club and Messilah Beach.
TEC also unveiled plans for the redevelopment of its other facilities as part of a second wave, including Shaab Park, South Sabahiya Park, Salmiya Yacht Club, Abdali Rest Area, Salmi Rest Area, Egaila Beach, Khiran Resort and Touristic Park. Specifically, the Gulf state is looking to become a leader in family tourism and entertainment experiences
TEC CEO Abdulwahab Ahmed Al-Marzouq said: “Today, we are setting the course for a new era for the recreational and leisure sector in Kuwait. As part of the new strategy, we will pursue calculated growth and expansion, modernise, redevelop and reposition existing facilities and diversify our assets to offer new world-class experiences to everyone in Kuwait.
“Through the provision of immersive experiences, fit for the new age, TEC aims to play a leading role in enabling the tourism ecosystem in Kuwait and serve as a role model for the country’s public sector transformation. This is also in line with the 2035 vision with a focus on human capital development and economic diversification.” For hospitality, this means many new projects often have much stronger financial backing than wood be seen in Europe for example.
Four Seasons Hotel Kuwait at Burj Alshaya
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