Its been 25 years since Kuwait Finance House (KFH) had built one of the most complete and still interesting malls in Kuwait, Al Muthanna Complex. Interesting because you barely can find a handful of useful bookshops in Kuwait located next to each other. Yet still interesting when you think of the incomparable location which the complex sits on, let alone the size of the land itself.
I am not familiar with the terms, agreements, and negiotiations going on between KFH and the government. However, I’ve been reading in the papers over the weekend that KFH is unwilling to vacate the building and is seeking a court rule to extend the contract for a further 25 years. The issue here is that roughly one-fourth (1/4) of occupied land in Kuwait belongs to the government where the current occupants are on a 25 year or limited ( in case of beach houses in the south) contracts to transfer land to the government.
In Al Muthanna’s Complex’s case, the land will be sold dirt cheap for someone who can afford to buy Real Madrid. But we all have faith that whether the contract is extended or not, the government can manage to operate the complex and increase revenues. When it’s time to vacate Souk Sharq offices, I hope it won’t be evacuated.