Kuwait City: The Communication and Information Technology Regulatory Authority (CITRA) has entered into a significant contract to lease a plot of land to Ooredoo for KD 16 million (USD 51.8 million). This land, situated in the Capital governorate, will serve as Ooredoo's administrative headquarters for a period of 10 years.
According to Kuwait News Agency, the lease agreement aligns with ministerial decree No. 1274 (2023) and its associated executive statutes. The contract was formalized by CITRA Acting Chairman Abdullah Al-Ajmi and Ooredoo CEO Abdulaziz Al-Babtain. Under the terms of the agreement, the annual lease payment is set at KD 88.5 (approximately USD 287) per square meter.
Al-Ajmi emphasized the contract as a crucial development towards bolstering public-private sector partnerships. He remarked that the State of Kuwait aims to optimize the use of its properties and economic resources. The agreement is part of CITRA's broader strategy to advance communication in information technology and stimulate economic growth.