KUWAIT CITY, Aug 27: The Public Institution for Social Security (PIFSS) has disclosed that the pieces of land -- whose ownership will be transferred to it -- are part of the initiative of His Highness the Amir and the vision of the political leadership to ensure a better life for retirees, reports Al- Jarida daily. The total land area is 842,500 square meters -- 51,000 square meters in Mirqab; 706,000 square meters in Al-Rai and 85,500 square meters in Egaila. These plots cannot be sold, leased or shared by other entities.

Once the ownership transfer procedures are completed, PIFSS aims to establish long-term investments on these plots under its direct management and its subsidiaries. These plots will be allocated for the establishment of commercial, investment, entertainment and other enterprises to achieve returns for the improvement of the living conditions of retirees and their families.

According to sources, “these plots will be in-kind payment for the government’s debts, which will then decrease the actuarial deficit. The projects will create new recreational tourism spaces and destinations beneficial for the citizens, as well as boost the local economy and ensure the financial sustainability of PIFSS.”

Meanwhile , Decree number 165 of 2023 stipulates the renewal of the term of Government Performance Follow-up Agency Director Sheikh Ahmad Mishaal Al-Ahmad for four years starting from Sept 17, 2023, reports Al-Jarida daily. Article one of the decree states that Sheikh Ahmad Mishaal Al-Ahmad shall continue to serve as head of the agency with the rank of minister.