Announces redevelopment plans for 11 projects following the approval of a 250 million KWD capital increase from the Kuwait Investment Authority
Kuwait- 22 September 2021: Today, the Chief Executive Officer of the Touristic Enterprises Company, Mr. Abdulwahab Ahmed Al-Marzouq and members of the leadership team revealed the company’s new strategy to become a world-class provider of leisure and entertainment experiences in Kuwait.
Speaking at the press conference at Kuwait Towers, Mr. Al-Marzouq outlined the company’s path forward to revive the golden era of tourism in Kuwait and become one of the leading developers and operators of family entertainment experiences in the region. This is the most ambitious transformation in the company’s 40+ year history, which laid out concrete plans for the redevelopment of 11 anchor projects.
Addressing the media, Mr. Al-Marzouq said: ‘Today, we are setting the course for a new era for the recreational and leisure sector in Kuwait. As part of the new strategy, we will pursue calculated growth and expansion, modernize, redevelop and reposition existing facilities and diversify our assets to offer new world-class experiences to everyone in Kuwait.’
He further elaborated: ‘The new strategy is both ambitious and achievable, backed by concrete plans and an approved capital increase of 250 Million KWD by the Kuwait Investment Authority. Through the provision of immersive experiences, fit for the new age, TEC aims to play a leading role in enabling the tourism ecosystem in Kuwait and serve as a role model forthe country’s public sector transformation. This is also in line with the 2035 vision with a focus on human capital development and economic diversification.’
The new strategy is centered around a new approach to people and customer-centricity as the company seeks to strengthen collaboration and stakeholder engagement to foster win-win partnerships, change perceptions and rebuild trust. Guided by a performance-driven culture, TEC unveiled its new values of pride, people centricity, inclusiveness, innovation, creativity and respect for the local culture.
TEC revealed redevelopment plans for 11 key facilities, across 5 verticals, including park and family entertainment, hospitality, recreational clubs, highways rest areas and waterfront marinas. More specifically, TEC unveiled plans for the redevelopment of three key projects to be executed in a first wave, Nuwaiseeb Rest Area, Ras al Ardh Club and Messilah Beach.
TEC also unveiled plans for the redevelopment of its other facilities as part of a second wave, including Shaab Park, South Sabahiya Park, Salmiya Yacht Club, Abdali Rest Area, Salmi Rest Area, Egaila Beach, Khiran Resort and Touristic Park.
The new projects will positively contribute to Kuwait’s social-economic development, through human capital development, job creation and growing tourism demand. They will be developed around a financially sustainable business model and following rigorous planning and financial viability studies.