Kuwait Real Estate News
Kuwaiti businesswoman enters into a real estate deal worth KD40million
A Kuwaiti businesswoman, Sheikha Suad Al-Humaidhi and Saud Sahud l-Metri, have entered into one of the largest real estate deals in Kuwait, that is worth KD40 million.
As per the deal, the 5637 square meters plot of land in the Sharq area, owned by Al Humaidhi will be exchanged for fifty percent equity in the South Al-Salmiya Mall.
Rim Al-Ghanem, a representative on behalf of Al-Humaidhi was in full praise regarding the partnership with Al-Metiri and mentioned that she finalized the deal o behalf of Al-Humaidhi.
The deal will result in the launch of a huge shopping mall, which will be the first of its kind in the Middle East and Gulf, spread over a land space of 22,000 square meters. The shopping centre will comprise a mall, a hotel, a theatre, 3000 shops, parking area, and recreation centre.
Al Metiri mentioned that the partnership with Al-Humaidhi was a great asset, as Al-Humaidhi has sufficient exposure and experience in real estate investment.
This deal gave the South Al-Salmiya Mall, a profit of KD22 million within twelve days. Al-Metiri agreed that the shopping centres that are already in the mall will be evacuated under the governance of the Kuwaiti Law, and the shop owners would be adequately compensated, and will have stakes in the new project. They will also be given a priority at the time of allocation of shops in the new mall.
Recently, Al-Metri entered into the largest real estate deal ever in Kuwait, worth KD57 million for purchasing 22,000 square meters of land. The aim of the project is to construct a fifteen storey mall on the area towards end of 2009.
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