Kuwait City, May 21: In a significant push towards sustainable urban development, the National Bank of Kuwait (NBK) has committed KD 8 million to a transformative project in the Sharq Area, in collaboration with Kuwait Municipality and Al-Shaab National Real Estate Company. This initiative will see the creation of a public recreational park and a multistory parking garage, aiming to enhance the urban landscape and address infrastructural needs.

The ceremonial signing took place at the headquarters of Kuwait Municipality, witnessed by Dr. Noura Al-Mishaan, the Minister of Public Works and Minister of State for Municipal Affairs; Mr. Isam Al-Sager, Vice-Chairman and Group CEO of NBK; and Eng. Saud Al-Dabbous, Director General of Kuwait Municipality. Representatives from the bank, Al-Shaab National Real Estate Company, and the Municipality were also present.

Spanning over 12,000 sqm, the new development will incorporate lush green spaces, a mix of soft and hard landscaping, and areas for public recreation. The accompanying parking facility is set to provide over 1,000 parking bays, significantly mitigating the persistent parking shortages and traffic congestion within the bustling Sharq business district.

This project aligns with the Kuwait National Development Plan (KNDP) and supports the objectives of Kuwait Vision 2035 to establish Kuwait as a leading financial and commercial hub. It also responds to a recent call by Kuwait Municipality for private sector engagement in beautifying and improving Kuwait City’s infrastructure.

Expected Benefits and Impact

Scheduled for completion in approximately two and a half years, the project aims to deliver multiple benefits:

• Easing Parking Shortages: Alleviating the acute lack of parking spaces in Kuwait City, as highlighted in recent traffic studies and the Structural Plan which considers the region’s ongoing and future urban developments.
• Reducing Traffic Congestion: Building on solutions from a comprehensive traffic study conducted by a consortium of private companies, under the oversight of the Public Authority for Roads & Transportation.
• Enhancing Public Spaces: The introduction of substantial greenery and landscaped areas will upgrade public services and pedestrian pathways, significantly enhancing the quality of urban life.

On this occasion, Mr. Al-Sager remarked, “This initiative reiterates NBK’s commitment to fostering sustainable development within the Kuwaiti economy and actively supporting the State’s developmental ambitions.” He further noted, “The development of a public park aligns with the State’s climate action goals and our bank’s mission to foster environmental, social, and economic welfare, in keeping with Kuwait’s pledge towards achieving carbon neutrality.”

“Moreover, constructing a well-equipped parking garage will address some of the critical traffic and parking challenges faced in Kuwait City,” he added.

Mr. Al-Sager also highlighted that environmental protection remains a pivotal element of NBK’s sustainability strategy, which integrates ESG standards across all operations to enhance value for all stakeholders.

In 2023 alone, NBK’s social responsibility efforts exceeded KD 28 million, including significant investments like the KD 3 million donation towards the development and beautification of the Shuwaikh waterfront, which spans 1.7 km.

This initiative is expected to set a benchmark for private-public partnerships in urban development, reflecting a shared commitment to enhancing Kuwait’s global standing and livability.