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Kuwait Real Estate Company – K.P.S.C.

We are pleased to announce that Kuwait Real Estate Company (K.P.S.C.) has completed an investment deal in the development of the First Residences 501 project in Miami, Florida, U.S.A., with a cost of approximately US$172 million, and construction is scheduled to commence in the second quarter of 2022 and be completed in the fourth quarter of 2024, in partnership with the Commercial Real Estate Company and the global developer Aria Development Group.

Kuwait Real Estate Company's stake in this project is 25.70% at a total cost of US$8.3 million, and to be paid during the fourth quarter of 2021 until the second quarter of 2022.