Kuwait’s KIPCO starts building $2.5bn real estate project

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.