Kuwait Real Estate News
Gulf Holding opens HQ in Watiya area
The Gulf Holding Company (GHC), a Sharia-compliant, Kuwait-based diversified holding company, has announced the launch of its new Head Quarters at Burj Al-Khaleej in Watiya area. The new corporate headquarters will be the hub for global expansion, apart from housing its top management.
The Vice-Chairman and CEO of GHC, Ahmed Al-Ameer, while speaking during a press-conference at the Sheraton Hotel, mentioned that the current portfolio of GHC includes investments that exceed $1.25billion, which will double during the next couple of years. Major amount of this $1.25billion has been utilized for two large-scale real estate projects in Bahrain, the Villamar@Harbour and the Downtown Al-Areen Development.
The Villamar@the Harbour, located in Bahrain Financial Harbour is an integrated waterfront real estate development that focuses on financial sector, slated for completion in 2010. It is a key residential component of the Bahrain Financial Harbour, which covers land area of more than 35,900 square meters. This project design consists of five main elements – the Lifestyle Apartments, the Twisting Towers, Terraced Villas, Sky Villas and Terraced Podiums. They feature advanced technologies such as the energy-saving systems, security systems, automated-covered walkways and many more.
The other major project by GHC, the Downtown Al-Areen, is spread over 260,000 square meters worth $550 million. The Downtown Al-Areen is a mixed-use model of sustainable urban development, which galvanizes tourism appeal and attracts plenty of visitors to the country in the region. Downtown Al-Areen is expected to have the same impact on Bahrain, as that of Champs-Elysees on France, and that of Spanish Steps in Rome, by offering sustained long-term returns on investments.
Al-Ameer said that at present, GHC is doing various levels of negotiations for investment deals, joint-ventures and advisory services. However, GHC plans to continue in the real estate sector, as of now, as it is the fast developing sector in the region. During the next five years, GHC plans to focus on UAE, Saudi Arabia, India, Qatar, and Bahrain markets.
Speaking about Kuwait, Al-Ameer mentioned that the Kuwaiti market will receive the top-priority in the company’s agenda, as the company aims to be listed on the Kuwait Stock Exchange (KSE). This is expected to happen by 2008.
Al-Ameer revealed that Kuwait was chosen as the ideal location for the company’s Head Quarters as, initially, although the company wished to be located close to its major projects in Bahrain, the company realized that shifting its base to Kuwait, was as important, as the market in Kuwait would help in their expansion plans. The Bahrain office, however, will remain as the company’s administrative office for projects in Bahrain and other nearby projects.
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