KUWAIT CITY, Nov 23: Enhancing main facilities and public markets is a critical initiative due to its anticipated financial and tourism benefits for both the country and its citizens.

One such example is Souq Sharq, a market of historical and geographical significance. Established 26 years ago on a 55,000-square-meter area, Souq Sharq is a vital commercial hub that demands development in line with its historical importance. Authorities are urged to prioritize its modernization to reflect its value as a key trading outlet.

Economists suggest that Kuwaiti companies are well-positioned to play a significant role in managing and developing projects like Souq Sharq. Achieving this, however, requires the establishment of regulatory standards and controls that ensure transparency and safeguard the rights of both the state and private companies.

A strategic opportunity

Souq Sharq and similar facilities present an investment opportunity that aligns with Kuwait’s development goals. The market’s strategic location enhances its importance, making it essential to modernize it in a way that meets citizens’ aspirations and ambitions.

Jassim Zainal, Vice Chairman and CEO of Arzan Financial Group for Financing and Investment, emphasized the need for facilities like Souq Sharq to align with practices in neighboring markets.

“The government is taking positive steps, which can be leveraged to develop key facilities, benefiting the state, citizens, and residents,” Zainal noted. He added that establishing clear regulatory conditions and controls would foster a competitive environment while ensuring public interest.

Zainal suggested that development projects should be distributed among companies, with each responsible for specific services or stages under a framework of regulatory compliance. This, he said, would positively impact the broader market.

A competitive edge for Kuwait

Mohammed Al-Ayoub, CEO of Gulf Investment House, highlighted that Kuwait’s main facilities, seafronts, and commercial outlets are attractive assets for both local and international investors. These facilities, he explained, are crucial tools for achieving Kuwait’s Vision 2035 and enhancing the country’s competitiveness with neighboring markets.

“Markets like Souq Sharq require a developmental approach involving private sector companies under clear competitive standards set by the government,” Al-Ayoub said. He stressed that Kuwait’s markets must cater to both citizens and residents, necessitating focused attention and a robust developmental strategy.

Al-Ayoub also pointed out that Kuwaiti companies are capable of delivering services that reflect the nation’s esteemed regional and global status. He called for a clear business model that balances the interests of the state, citizens, and companies, ensuring quality services for the public.

Public-private partnerships are essential

Tariq Al-Othman, Vice Chairman and CEO of Tijara Real Estate Investment Company, underlined the importance of partnerships between the public and private sectors for development projects.

“The public sector cannot handle large-scale projects alone, particularly in terms of operation and management,” Al-Othman explained. He added that private sector companies often lack the capacity to execute major projects without forming alliances with the government or other private entities.

Al-Othman encouraged the private sector to propose innovative ideas and projects that add value to the state, assuring that the government will provide the necessary support for initiatives that benefit citizens.

He called for the creation of large real estate entities through public-private partnerships, similar to those in neighboring countries. Such collaborations, he noted, would not only achieve domestic success but also extend to international markets, fostering global partnerships.

Al-Othman cited Kuwait’s successful oil partnerships, which are managed with the efficiency and expertise of the private sector, as a model for real estate partnerships. He expressed optimism that similar frameworks could enhance Kuwait’s image and contribute to its development trajectory.

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