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AQARAT Expands Its Real Estate Activity By Purchasing A Land With Area of 11,440 Square Meters

Kuwait Real Estate Company (AQARAT) concluded a purchase deal for land with area of 11,440 square meters in Beda District – Coastal Strip, at a value of KD. 25,500,000/-

On this occasion, Mr./ Ibrahim Saleh Al-Tharban – Chairman & Managing Director of “ Aqarat “ Company said: “ Beda district has witnessed noticeable increase in land prices during the past years, same as the other districts in Kuwait, mainly because of the rising demand while supply is scarce, the matter which prompted the Company to negotiate with the landlord purchasing it instead of leasing it on Build - Operate - Transfer (BOT) basis”.

From his side, Mr./ Emad Abdullah Al-Essa – Executive Director of the Company said: “This investment comes in implementation of the Company’s strategy of expanding its real estate portfolio, and seeking to strengthen and support the Company’s domestic investments. On this land, an entertainment edifice was built which consists of (34) units, leased completely, being modern and classical restaurants and cafés enjoying international and regional trademarks, this in collaboration with our strategic partner Al-Musharji Food Catering Company. This project is considered among the most successful projects in the State of Kuwait, where all its units were leased within less than one year. Besides, Arabella Complex is deemed one of the largest complexes at that zone and is unique for overlooking the sea, in addition to its beautiful design and the diversity of its facilities”.

Mr./ Al-Essa added: “ As a Kuwaiti shareholding company since year 1972, Kuwait Real Estate Company (AQARAT) is considered one of the leading companies in the country in the fields of real estate and investment. At present, the Company’s business focuses on real estate activities in various domains. Domestically, its business is represented in its properties such as Al-Marzouq Pearl Complex, Reqi Residential Complexes, Al-Fintas Complexes and others. On the regional level, it is represented through its investments in Bahrain, United Arab Emirates and Egypt. On the international level, it is represented in the United States of American and United Kingdom. Aqarat Company continues expanding its strategic vision in order to realize the interests of its clients and investors, and it shall have additional activities in the near future which will be announced in time.