Kuwait Real Estate News
Abyaar confident about real estate sector in the region
The real estate sector in the region is safe and most stable for several capitals, despite the present financial crisis, said Marzooq Al Rashdan, the Vice President and Managing Director of Abyaar, when speaking about the real estate market in the region.
Expressing immense confidence in the region’s property market, Rashdan emphasized on the expectations of a general market reform to help create new investment opportunities.
He said that real estate opportunities in GCC markets are open to one and all and, to real estate developers in particular, as the working environment encourages innovation and productivity.
Al Rashdan, when speaking during the meeting, said that Abyaar is planning to increase its capital by 100 percent during 2008, after receiving the required approval from its General Assembly.
The Kuwait-based real estate Company has expansion plans in the region, beginning with Dubai. The total value of projects of the company is worth US$6.8billion, out of which 85 percent are under construction, which helps boost the confidence of investors and shareholders.
In Saudi Arabia, Abyaar is all set to construct an 85 storey tower worth US$213million, which is likely to be a landmark in the real estate investment sector of Jeddah. The design and blueprints is almost complete, and the construction is due to commence early next year. Abyaar also plans to acquire plots in few areas in Riyadh and in Eastern Province.
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