KIA to inject USD3.6b to property market

24 Mar 2011

(MENAFN) Kuwait Investment Authority (KIA) announced that it would inject a total of USD3.6 billion in the country’s commercial property market as it is still undergoing a down turn, reported Gulf Daily News.

Kuwait Real Estate Union chairman, Tawfiq Al Jarrah, said that the sector is welcoming KIA’s initiative as it would have a positive impact on local investment and real estate firms. He also said that he expects a boost in the Kuwaiti stock exchange as a response to the cash pump.

Jarrah said that the Kuwait’s commercial real estate market consists of a total of 811,000 square meters. He said that more than fifty percent of that area is currently occupied.

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