Souk Al-Kuwait Commercial & Car Parking Building, last updated on
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Since its inception in 1972, Aqarat has been a pioneer in developing and advancing public-private partnerships. In fact, the first BOT ever in existence in Kuwait, Souk Al-Kuwait, was conceived of and developed by Aqarat more than four decades ago.
Souk Al Kuwait is an eight (8) story commercial and car parking building located in the busy area of the Kuwait Stock Exchange and the banking center of Kuwait City. The building has three main components- a multi level car park, offices as well as a retail area.
Aqarat is proud to have been able to secure a ten-year extension on its existing BOT government contacts for Souk Al-Kuwait.
As part of the agreement with the government, Aqarat will commence a multi-phased renovation of the building. The renovation of the property will be all encompassing and will include both aesthetic and core disciplines. The facades of the building will be renewed, elevators and HVAC systems will be replaced, and portions of the building will be redeveloped into new and exciting uses that will further solidify this property as the retail heartbeat of Kuwait City.
Substantiating the buildings importance in the retail and office landscape of the city, a vast majority of existing tenants have signed extensions to their existing contracts while many more inquiries have been received regarding office and retail space. Souk Al Kuwait stand at a overall occupancy of over 96%.