Chairman of Kuwait Real Estate Union Tawfiq Al-Jarrah called for changing the Build-Operate-Transfer system (B.O.T) to a partnership law that goes in accordance with international standards.
He told the press Sunday that he hopes the change would be applicable and achieve sustainable development, adding that it should also be treated as an international law to be respected and followed.
He said that the new B.O.T law should gain the trust of the local and foreign investors by providing collateral to funding bodies and reimbursing affected businessmen.
The significance of amending the B.O.T law lies in making the private sector a major partner in the country's infrastructure projects; especially the long-awaited housing projects.
Enabling the private sector to tackle the housing projects would speed up the process of providing more houses to the public in a timely fashion.
Al-Jarrah brought up a conference that will be held on February; a conference that would shed light on the importance of creating a partnership between the government and private sector to handle many of the country's development plan projects.
This new vision of partnership would increase productivity and improve living standards, he said.
One of the expected outcomes of the conference is the creation of an independent entity to oversee this government-private sectors partnership, he concluded.