KUWAIT: National Bank of Kuwait organized a field visit to the construction site of the Sharq Area Development Project, to which the bank is contributing, in collaboration with Kuwait Municipality and Al-Shaab National Real Estate Company. The project includes the development of a multistorey car park and a public park with a land area estimated at 12,000 square meters and a value of approximately KD 7 million. At the forefront of visitors, who came to learn about the progress of the project and explore the completed construction work during the past period, were Sheikh Abdullah Salem Al-Ali Al-Sabah, the Governor of the Capital (Asimah) and Isam Al-Sager, Vice Chairman and Group CEO at the National Bank of Kuwait.
Car park and green spaces
The project extends over a total land area that exceeds 12,000 square meters, includes the construction of parking spaces with an area of about 5,900 square meters, while the building area reaches approximately 41,000 square meters, in addition to the development of a public park containing green spaces, open squares and ornamental plantings. The car park building consists of a basement and a ground floor in addition to five upper floors. It provides approximately 1,175 parking spaces, including 40 spaces designated for people with special needs and 12 spaces for charging electric vehicles. The top floor will also be completely covered with solar panels to generate up to 500 megawatts of electricity annually, which will enhance energy efficiency and keep pace with modern environmental trends.
The project utilizes the latest technology in parking design and operation, in addition to developing and beautifying the surrounding areas. It is expected to be fully completed by the end of 2026, achieving several objectives, most notably:
• Addressing the severe shortage of parking spaces within Kuwait City, according to the project’s traffic studies approved by the Ministry of Interior.
• Providing green spaces and landscaping to improve the surrounding environment and create a public space for visitors.
A distinctive step
On this occasion, Isam Al-Sager, Vice Chairman and Group CEO at the National Bank of Kuwait, commented: “This project is a distinctive step in the heart of the capital that contributes to enhancing public-private partnerships, and it embodies NBK’s commitment to supporting Kuwait’s development vision through practical initiatives that follow the highest international sustainability standards”. Al-Sager added: “With this vital project, we are not only creating modern infrastructure but also enhancing the quality of life through solutions that reduce traffic in Kuwait City, in addition to providing green havens for citizens and residents visiting this area”.
Additionally, Al-Sager noted that the adoption of solar energy technologies in the project comes within the framework of NBK’s keenness to integrate sustainability in all its operations, and in support of the country’s plan to achieve carbon neutrality by 2060, in addition to developing green spaces in line with modern environmental trends. Finally, he stressed that NBK places social responsibility at the heart of its strategy by making initiatives that promote public-private partnerships and bring an added value to all segments of society, further noting that these efforts confirm the bank’s leadership in supporting sustainable development and Kuwait Vision 2035.
Social responsibility leadership
NBK had signed the project contribution agreement in May of last year with Kuwait Municipality, in collaboration with Al-Shaab National Real Estate Company, as part its social responsibility initiatives and in support of environmental and development projects in Kuwait. The initiatives launched by the bank recently include the Shuwaikh Beach Development and Beautification Project, which witnessed a generous donation from NBK amounting to KD 3 million and was officially opened last October, making a unique addition to the recreational and tourism infrastructure in Kuwait.
Furthermore, the foundation stone was recently laid for the expansion project of the new building of NBK Children’s Hospital for the treatment of blood diseases, cancer, and stem cell transplantation, which extends over an area exceeding 22,000 square meters of specialized medical infrastructure valued approximately at KD 19 million. This project reflects NBK’s unwavering commitment to society and its leading role in supporting the health sector. Lastly, it should also be noted that the value of NBK’s community investments amounted to approximately KD 30 million during 2024, registering an increase of 9 percent compared to 2023, which confirms the bank’s position as one of the largest contributors in the field of social responsibility in Kuwait.
Isam Al-Sager:
• This distinctive step embodies NBK’s commitment to supporting Kuwait’s development vision through initiatives that follow the highest sustainability standards.
• The project contributes to enhancing the quality of life in Asimah Governorate by diminishing traffic and providing green spaces.
• The use of solar energy in this project confirms NBK’s keenness to integrate sustainability in all its operations.
• NBK places social responsibility at the heart of its strategies by making initiatives that promote partnerships with the public sector and bring an added value to society.
Project details:
• Total land area of 12,000 square meters.
• A 5,900 square meters parking area and 41,000 square meters building area.
• Parking accommodates 1,175 cars and consists of a basement, ground floor and five upper floors.
• Covering the top floor with solar panels to generate approximately 500 megawatts of electricity annually.
• Utilizing the latest technologies in the design and operation of the parking facilities, along with developing and beautifying the surrounding areas.
• Completing the entire project by the end of 2026.
