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FINANCIAL NEWS
Kuwaiti developer to invest $37m in Saudi Arabia
16 Aug 2010
(MENAFN) Kuwait Real Estate Company said that it will launch a fresh property portfolio in Saudi Arabia at a capital of $37 million, Kuna reported.
The portfolio, which will seek to provide housing units at promising areas, is expected to produce high returns that could exceed the current market rates, the company’s manager Adel Al-Qattan said in a news release.
The price of housing units will be $13,000 per unit, he said, adding that the renewable five-year portfolio would attract individuals and corporate shareholders from Kuwait and other GCC countries.
The move is part of the company’s strategy to maintain and boost investors’ capital and to give good and appropriate returns as well as create fresh investment openings, he said.
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