“Mudon ”: $3 billion investments in the restaurant sector in Kuwait
Jun 25 , 2018
The real estate cities company projected that investments in Kuwait ' s catering sector would increase to 900 million dinars, equivalent to some $3 billion by the end of 2018, owing to the continued expansion of the sector as new investments were made in European, American and Asian brands through the French-speaking system.
In its statement to the press, KUFPEC attributed the expected growth in the number of restaurants and their expected investments to the continued demand of investors, particularly the global branding of the Kuwaiti market, for the benefit of the rates of return and growing demand, owing to the increase in purchasing power and average per capita income, as well as the increase in the population to about 4.5 million, as well as the significant increase in the number and spread of commercial complexes in various regions.
The statement stressed the importance of this sector as it meets the demand for a service that is increasingly being demanded by citizens and residents and is considered to be a major, necessary and complementary activity in all business centres. It employs a large number of jobs. It also helps to develop many other activities and sectors because of its close direct or indirect links with them, notably the domestic tourism sector, as well as other nutritious industries, particularly the food and drink industry.
In keeping with the expected growth in investment in this sector, the civil cities have completed the overall development work at The Lake, in collaboration with the company of the Shuwaikh Holdings (the owner of the complex), consultants and various expertise.
The civil cities, which handle the management, marketing and development of the complex, which has about 40 famous restaurant and cafeteria brands, have shown that the development work has involved many recreational facilities and services, the most important of which is the opening of the most modern dance fountain in Kuwait, which operates with well-developed systems of control, programming, lighting, music and pumping at a cost of up to $2 million, as well as the modernization of visual and audio broadcasting systems and means to suit all kinds of events and events, as well as the implementation of effective ideas and solutions to deal with weather changes and to neutralize their possible negative effects on the leaders of the complex.
The statement stressed that the company was keen to enhance the attractiveness of the compound, which had an area of up to 13,000 metres for pioneers, as well as the world ' s important restaurant brands and the development of various facilities and attractions, as well as the continuation of periodic development and maintenance, which maintained high investor occupancy rates, particularly with the recent introduction of new brands.