Kuwait Real Estate News
Mushaa Real Estate Company specializes in joint-sukook Real Estate
Global Investment House (Global) has announced the launch of Mushaa Real Estate Company, with a capital of KD30million. Mushaa will display a series of distinctive real estates in GCC markets, using the concept of Hisas Al-Mushaa. Later, Mushaa plans to expand into other markets through its Sharia’a compliant activities.
As for the excellent opportunities in Mushaa, Omar El-Quqa, Executive Vice President, Global, said that the real estate sector is growing at a fast pace in the region, and is likely to grow further, in comparison to other sectors. He said that there still exists opportunities as there is considerable demand for Islamic timeshare, which is often under-represented in this region.
El-Quqa said that Mushaa would launch its real estate using the ‘Hisas Al-Mushaa system’, a timeshare, which is sharia’a compliant, and permits partial ownership of a real estate property for 20 to 50 years. In comparison to other types of residency such as hotels, Hisas Al-Mushaa has an array of features, which includes affordability, and the ease to change or swap shares.
Mushaa’s plan for the first five years is the development of five to seven five-star equivalent properties in GCC, which will be promoted using Hisas Al-Mushaa system. The company aims to increase its paid up capital to KD30mn by issuing 290mn shares at 100 fils per share.
The Middle East supports average annual revenue of up to USD540mn from Hisas Al-Mushaa, particularly in booming tourist destinations such as Sharm El Shiekh, Bahrain, Dubai and other religious sites such as Makkah and Medina.
El-Quqa highlighted the profitability of timeshare properties, as their revenue is derived from a variety of sources, such as selling timeshare units, consumer financing and unit rentals. Also, after expiry of 20 to 50 years, the developers can begin to realize the appreciation in the value of their properties.
Established in July 2006, Mushaa Real Estate Company aims to enter the Kuwait Stock Exchange (KSE) list, after fulfilling its requirements.
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