Kuwait Real Estate News
Kuwaiti Realty Company Agility reveals expansion plans
National Real Estate Company of Kuwait, a major investor in logistics firm Agility, has announced plans to expand into markets from Syria to South Africa, and is proposing the sale of Islamic bonds later this year.
The company is currently constructing a $1.3bn project at Abu Dhabi, and is also considering development of a free trade zone in northern Iraq, apart from investment of $1.12bn in real estate sector of Egypt.
The CEO of the company, Khaleel Al Abdullah, said “I do not think there are big investment options within Kuwait. During the coming years, we plan to enter Syria, Algeria, Djibouti, and South Africa. We are in talks with private companies in these countries to purchase land.”
The Kuwait-based property developer, with about $2.8bn worth of portfolio, is at present investing in properties in Egypt, UAE, Lebanon, Jordan, Libya, Pakistan and Iraq.
The highest investments by the company are in Egypt and UAE. In the UAE, the company has investments worth $1.3bn, particularly on Al Reem Island in Abu Dhabi.
The Abu Dhabi project, which involves a capital of 150mn dinars within three months, will include a four-star hotel, shopping center, offices and residential towers, the construction of which will commence within three months, and will be complete by 2011. NREC is also currently building two projects in Egypt and is bidding to develop and manage a free trade zone project in Egypt.
This is apart from the 150mn dinar commercial project in Arbil in Northern Iraq, due for completion within next two years. NREC is also likely to sign a deal with the Kurdistan government to develop a free trade zone. The firm is also considering selling off its Islamic bonds, or sukuk, as a means to finance its expansions.
Social Bookmarking
Read more news
> Kuwait likely to grant land ownership to GCC investors
> Abyaar Real Estate to showcase new projects during forthcoming Cityscape Dubai 2008
> Kuwait Property sector witnesses recession
> Al Arabiya seeking arbitration proceedings against Sama Dubai
> Abyaar unveils new corporate identity
> Kuwait realty market hoped to rebound during Ramadan month
> Kuwaiti Realty Company Agility reveals expansion plans
> Kuwait records 50 percent rise in property sales in July
> Performance of Kuwait realty market likely to decline
> Kuwait property market likely to level-off in two years