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FINANCIAL NEWS
Hyundai-led group to build $2.6b causeway in Kuwait
12 Oct 2010
(MENAFN) Kuwait’s tenders committee said that a consortium led by South Korea’s Hyundai Engineering and Construction Co has made the lowest bid of $2.6 billion for a long-delayed Kuwaiti causeway project, AFP reported.
The causeway, to be named after late emir Sheikh Jaber al-Ahmad al-Sabah, is to link the capital Kuwait City with the northern Subbiya area which is to become home to a Silk City project.
The oil-rich state’s central tenders committee said the Hyundai bid was followed by an offer from a consortium led by Bin Laden Group of Saudi Arabia that bid $2.85 billion for the 25-kilometre (16-mile) causeway.
The committee said the project contractor, the public works ministry, will evaluate the bids before making a final selection.
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