(MENAFN - Kuwait News Agency (KUNA)) Kuwait Investment Company (KIC) signed a USD-300-million investment contract with Oman's Fanja Club on Sunday to construct one of the largest investment project in the Gulf.
On behalf of the company, Sheikh Talal Mohammad Al-Sabah signed the contract with Himyar Al-Ismaili, Chairman of Fanja.
"The project, whose ownership will be obtained by the club after 30 years, is worth a total of USD 300 million, and will construct over 13 diverse sports, business, entertainment and other facilities," Sheikh Talal said in a statement.
The project is to be built on the club's land in Seeh Al-Ahmar in the district of Bidbid and will include a five-star hotel, accommodation for sport teams, 60 villas and an area for handball, basketball and volleyball, in addition to a gymnasium, he added.
He said that it will also include a specialized center for water sports, sports medical complex, a cinema and a football academy, as it will be used not only by the Sultanate but also by the Gulf region as well.
In addition, the project will have a spa for men and women, small gardens, various water games' facilities, administrative buildings, stores, bowling hall, football pitches, an eight-hole golf course and tennis courts.
The project will constitute an integrated city that will attract people from all over the world as investors target customers are both in the Sultanate and from outside as well, especially the GCC and European countries, said Sheikh Talal.
KIC carries out a wide range of investment and financial activities, mainly providing a diversified package of local and international investment and financial products, to its local and international consumer base.