Kuwait Real Estate News
Kuwait records 50 percent rise in property sales in July
The property sales in Kuwait jumped to KD162mn in July 2008, which marks a 50
percent rise over the figures of previous month, reports the National Bank of
Kuwait (NBK) in its most recent economic statement.
The report said that the skyrocketing sales was driven by the sale in numbers
of residential units, which increased by 82 percent, while the numbers of
commercial and investment units sold during the month, remained unaltered.
The average volume of sales in the property sector during the first seven
months of this year went down by 25 percent, as against the same period last
year.
The number of real estate transactions last month also fell by 28 percent
during this period, the report pointed out.
The scheduled loans of the Savings and Credit Bank saw a 3 percent jump
interms of volume and a rise of 9 percent in terms of value in July, when
compared to figures of the previous month. The number of loans approved by the
Savings and Credit Bank rose to 479 in July 2008, from 378 in July 2007.
Most of these loans are targeted towards funding residential units, which accounts for 61 percent of the loan values.
The businesses and factories and companies, should employ people with special needs, in accordance with Law No.49 of 1996, emphasizes Law No.49 of 1996.Pointing out to the law, which stipulates that, any business employing a minimum of 50 Kuwaiti workers, need to employ atleast two percent of its workforce from ranks of people with special needs, an activist said that any business that does not honor the terms of law that protects the rights of disabled in gaining an employment, is liable to punitive measures, apart from a fine of KD500.
Government programs are required to be established to train and equip people with special needs to qualify them to enter the job market confidently.
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