Kuwait Real Estate News
KAMCO report reveals positive indicators for Kuwait realty sector
The Asset Management Co (KAMCO) of Kuwait Investment Projects Company (KIPCO) has revealed that there are positive signs that the real estate sector in Kuwait will grow by the end of first half of 2011.
An increase of 2.4percent in assets, equivalent to KD129mn, touching KD5.6bn was recorded last June, in comparison to KD5.4bn by the end of 2010, the KAMCO report said.
The report measured the financial performance of real estate companies listed in Kuwait Stock Exchange, and said that there has been an increased investment in properties, with 89 percent of total increase in assets of the sector, which hit 3.5percent, which constitutes 60percent of total assets.
The report also focused on financial investments, which saw a dip of 10percent, equivalent to KD149mn during the first half of 2011, touching JD1.38bn by end of June 2011. It has touched similar levels to that during the year 2006.
The decline in financial investment values came owing to sharp decline in domestic capital market and global markets. This is, in addition to re-structuring of few companies to liquidate some assets through financial portfolios to meet financial obligations and focus on operational activities, the report said.
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