The Kuwait Projects Company (Kipco) is ready to fund construction of its planned $5 billion real estate project in Kuwait, but is open to bringing in partners to help speed up completion, said its vice chairman.

Kipco would also achieve a 15 per cent increase in net profit this year as the firm has experienced limited impact from lower oil prices and regional political tensions, Faisal Al Ayyar told the Reuters Middle East Investment Summit.

The 380,000-sq-m development on the edge of Kuwait City, in an area where several foreign embassies are located, was said to be among the largest real estate projects ever planned in the country when announced in September.

Ayyar said it was awaiting the necessary municipality approvals for the project but was hopeful of securing these by the end of this year, with construction beginning in early 2016.

"We have no problem with the financing to complete the project but if there is an investor that carries the vision, we will be happy to partner and maybe the seven years in which the project will finish will become five years," Ayyar said in the summit interview.

Largest scale infrastructure and construction schemes have struggled to get off the ground in Kuwait because of political infighting and cumbersome bureaucracy.

With state coffers under pressure due to the lower oil price - it is predicting a budget deficit of KD8.18 billion ($27 billion) for the 2015-16 fiscal year - Kuwait has been implementing a number of reforms to ease foreign investment and unclog the project pipeline.

These include a new public-private partnerships law and changes to an unpopular offset scheme requiring international investors to allocate 35 percent of the value of many government contracts to local businesse ventures.

Kipco, one of the Gulf's most prominent private sector businesses with interests in industrials, media, financials and real estate, had reported a 17 per cent rise in third-quarter net profit on Monday.

Ayyar said the company was on course to achieve a 15 per cent net profit increase this year, as its diversity and reputation helped it to overcome any impacts from the main negative forces impacting the Middle East.

"The company's portfolio is very diversified and we are working in multiple markets that do not depend on oil -- countries such as Tunisia and Jordan have benefited from falling oil prices," he said.

Kipco has presence in 24 countries, of which 17 are in the Arab world.-Reuters