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Hayatt Real Estate and Al Massaleh sign deal for hike in Capital
The Al Massaleh Investment Company on Tuesday revealed that it has entered into a deal with the Hayatt Real Estate for a hike in capital of Hayatt from KD 4million to KD10million.
Managing Director of Al Massaleh, Tareq Al Saleh when speaking to the local media, mentioned that Hayatt Real Estate is a promising Kuwaiti Company with various real estate products and services in Kuwait and outside, well within the restraints of Islamic Sharia.
He revealed that studies are being done, and approvals have been obtained together with Hayatt for increase in the capital.
Investors and firms have begun expressing their interest in the subscription, which is expected next week. The feasibility studies for this venture is being carried out together with the Kuwaiti and GCC strategic partners, and the findings will be announced at the time of subscription.
The Board Chairman of Hayatt Real Estate, Al Heneidi said that the increase in Capital is being done to help the firm manage with the expansion plans amidst unprecedented real estate growth.
Hayatt hopes to contribute to the current boom in the State of By making its entry into the Kuwait real estate sector with quality projects, products and services. This also would bring in more opportunities as the State of Kuwait has initiated several ambitious projects worth billions of dollars in the energy, oil and infrastructure.
Hayatt Real Estate is a Kuwait-based close shareholding company that is Sharia-compliant. The Massaleh Company will supervize the subscription for 60million shares likely to increase capital by KD6million.
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