Kuwait Finance House (KFH) revealed that following the signing of a memorandum of understanding (MoU) with Kuwait Municipality for the design and restructuring of the areas damaged in Al Mubarakiya market fire incident, the Bank coordinated with the Municipality and an advisory team of specialists in architectural and heritage with the aim of executing the project according to the required specifications and designs that preserve the historical value of this important landmark.

In a press release, KFH added that the project is proceeding according to the plan, commending the cooperation of the Council of Ministers, Kuwait Municipality, and the advisory team which has been formed under a decree from the Minister of State for Municipal Affairs. KFH also praised the efforts of all relevant governmental entities.

KFH pointed out in the statement that a project manager, enjoying high engineering and technical capabilities and remarkable experience, has been selected to ensure the execution of the project in the best possible manner, while taking into consideration the historic and heritage characteristics of Al Mubarakiya and its surrounding areas so that the value of this landmark is restored as one of the well-known touristic sights in Kuwait.

KFH and the team of experts attach great importance to collecting historical information and photos of the old Al Mubarakiya so that the design reflects the ancient and heritage style of this market.

The statement also explained that KFH is currently selecting the engineering office for the design and monitoring phase. The office will be prequalified in few days after obtaining the approval of the advisory team and concerned authorities.

Along with its keenness to continue its national and societal role, KFH conveyed its sincere thanks and gratitude to His Highness the Amir of Kuwait Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, may Allah protect him, His Highness the Crown Prince Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, may Allah protect him, and His Highness, the Prime Minister Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah, for their support of the initiative which reflects KFH social responsibility and commitment towards Kuwait.

It is worth noting that the initiative includes the reconstruction of 17 buildings and the development of some buildings in Al Mubarakiya market.