Tamdeen announces $700 million project
Tamdeen Group, Kuwait’s leading mixed-use property developer, has announced the multi-million dollar Al Khiran development which will be at the heart of the Sabah Al Ahmed Sea City.
Valued at $700 million, the resort-style project which will be spread across 350,000 square metres of water-front will eventually create significant opportunities for Kuwait’s tourism and business growth. A one-of-a-kind development, the project will include Kuwait’s first high-end Outlet Mall, two high-rise residential towers, one furnished apartments tower, a marina to house over 900 boats – the biggest in Kuwait - and a 5-star resort style hotel with an international spa component.
Launching the project, Mohammed Jassim Khalid Al Marzouq, Chairman of Tamdeen Group said: “We believe in Kuwait, in its economic future and its excellent legal systems. The new found cooperation between the Government and Parliament has given us even more confidence to invest further in Kuwait. Today we have projects worth $2 billion in the pipeline.
“Kuwait is recognized as a country that has one of the world’s highest per capita income estimated at $48,260, which means the country is well-placed to drive growth across different retail segments. It also remains one of the most underserviced markets in the GCC in terms of quality retail space.
“Kuwait’s economy is among the strongest in the region and in a country where 45 percent of the population is in the 20-39 years age range, household spending on international brands within the retail sector is on the rise. This is where Al Khiran will offer value not just in terms of shopping but an overall customer experience.”
The Tamdeen Group has been developing significant shopping centre and mixed-use properties over the last two decades. The Group has built the iconic 360 MALL and the Al Kout waterfront project, both of which have become important symbols of Kuwait. Their unique architecture makes them one-of-a-kind destinations offering an unmatched shopping experience for their discerning customers. Al Khiran will add to that offering in its own unique way.
