A'ayan and Commercial Market form alliance to target BOT

The main objective of the alliance is to pitch for development and infrastructure projects of the Kuwaiti government according to the Build Operate and Transfer system and any other projects and investments consistent with the objectives and activities of the two companies.

'Our company look at such BOT projects as a real development for the country,' said Ahmad Al-Dosary managing director and CEO of A'ayan in a press conference held for the announcement of the memorandum. 'BOT projects are one of the forms of leasing which is our strategic business concern which we are providing, marketing its benefits, and consistently developing it.'

Al-Dosary added 'BOT projects are forms of operating lease, it is based on investing for a period of time, and either give the asset back to the government or renew the investment for an additional period.'

According to Al-Dosary, A'ayan -as a major player in financing and real estate sectors- have a stake in expansion and progression of these sectors of the local economy. The company would like to continue its support to the government plans for privatization and economic correction and the contribution of the private sector to infrastructure and culture needed for the good of Kuwaiti.

Interested in forming alliances between national and regional companies, A'ayan's top level management believe that such cooperation is suitable for and required by the current market situations and the important economical changes.

About the importance of the memorandum, A'ayan CEO said: 'We view Commercial Market Complex as a leading national company specialized in BOT projects. Our alliance is a further diversification of our investment channels.'

From his side, chairman and CEO of Kuwait Commercial Market Complex Co. Tawfieq Al-Jarrah said: 'We take pride in signing the memorandum. A'ayan is a reputable company in real estate financing and development'. 'I'm hopeful that this memorandum will contribute to a strong and of scale alliance to venture more upcoming projects, and to bring about more ideas that may become joint ventures between the two companies.

Commercial Market Complex has one of the largest shares of the BOT projects in Kuwait. According to Al-Jarrah, 'we have all the expertise needed for such property development and management that helped the company to attain recently Salmeya National Park Project, which its cost is expected to run close to 18.5 million KD'. He added 'Over a period of three decades, the government offered 96 BOT projects of total value of 600 million KD. The government is expected to offer more BOT projects, for such form of projects proved to be one of the most successful strategic partnership between the government and the private sector, and it is one of the government tools to achieve the goals of privation and economic correction'. In addition, Al-Jarrah cited the upcoming government 2 billion KD worth projects to develop the islands and building ports and airport in addition to establishing tourism and infrastructure projects.