Kuwait Projects Company (KIPCO), the largest private-sector investment firm in the GCC state, has announced plans for a $5 billion real estate scheme.

Faisal al-Ayyar, KIPCO’s vice chairman, said the 380,000sqm project was planned for the al-Daiya area on the outskirts of Kuwait City, where several foreign embassies are located, according to the local al-Qabas newspaper.

The project will include both residential and commercial spaces, as well as infrastructure such as roads, parks and walkways, it was reported.

United Real Estate, a unit of KIPCO, will be responsible for the implementation of the project, al-Ayyar said.

“The project is considered the largest and most important in Kuwait, especially in the real estate sector,” he told al-Qabas.