5 days ago
Al-Tijaria, CSCEC sign strategic MOU with to collaborate on govt-tendered projects
Eng Abdulmutaleb Marafie, CEO of Al Tijaria Real Estate Company and Ji Tao, General Manager of CSCEC in Kuwait.
KUWAIT: The Commercial Real Estate Company (Al-Tijaria), one of Kuwait's leading real estate companies, has signed a Memorandum of Understanding (MOU) with China State Construction Engineering Corporation Ltd (CSCEC), a global construction giant based in China, to jointly explore and collaborate on a range of strategically selected development projects tendered by governmental authorities in Kuwait.
This agreement establishes the framework for collaborative efforts in conducting technical and financial feasibility studies during the bidding phase with CSCEC, who will perform these services in the capacity of the prospective construction contractor, subject to the viability of the project and the successful award of the contract. The partnership also outlines a framework for CSCEC to potentially invest in the projects alongside Al-Tijaria—subject to regulatory and authority approvals. CSCEC, in its capacity as the contractor, may also extend its support by introducing potential lenders to facilitate project financing arrangements on competitive terms.
CEO of Al-Tijaria, Eng. Abdulmutaleb Marafie, commented: 'This MOU marks a significant step in our strategy to engage in public-private development opportunities in Kuwait. Partnering with CSCEC enables us to strengthen our technical and financial preparation during the bidding process and the execution upon award. Their global expertise and strong regional presence support our vision to develop large-scale real estate projects aligned with Kuwait Vision 2040. We are proud to work alongside one of the world's largest and most capable engineering and contracting firms.'
Ji Tao, General Manager of CSCEC in Kuwait, stated: 'We are honored to collaborate with Al-Tijaria, a pioneer in Kuwait's real estate sector. Our goal is to share our global experience and technical capabilities to support the success of development projects in Kuwait and contribute to the goals of Kuwait Vision 2035. Al-Tijaria's strong market presence and proven track record make it a highly capable partner for such ongoing development initiatives' Al-Tijaria and CSCEC will continue to collaborate in good faith throughout the preparatory and bidding phases followed by implementation, in the best interest of shareholders and in alignment with applicable regulatory requirements.
