Kuwait Real Estate News
Kuwaiti firm plans to sell a property in The World
Oqyana, an affiliate of Islamic company, Investment Dar, plans to enter into deals to sell property in a major Dubai project by the end of the year.
Oqyana, in which Investment Dar owns 20 percent, is developing a land that it owns in The World in Dubai. The World is a collection of man-made islands, which the emirate is developing near its coast in the shape of the world map.
Oqyana has been approached by several investors (both regional and international developers), and the company hopes to enter into sale deals during the end of 2008.
Investment Dar did not comment on the value of the deals, but said that last year Oqyana had made a profit of $2.5bn from the sale of a Dubai property.
Oqyana’s Managing Director, Nabil Abdul Rahim, when speaking to the media, said that Oqyana is hoping for a profit of more than 150 percent, although he denied placing a value for the deal. He added that the property will be sold directly to end-users so as to boost margins.
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