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FINANCIAL NEWS
Kuwaiti Projects firm to fund new USD5b project
04 Nov 2015
(MENAFN) Kuwait Projects Company (KIPCO), the investment holding company operating in MENA region will fund building of its planned USD5 billion real estate development in Kuwait.
Additionally, the top holding firm has witnessed limited impact from lower oil prices and regional political tensions therefore it’s expected to reach a 15 percent growth in gross profit over the current year.
As far as the project is concerned, it spans over 380,000 square meters on the edge of Kuwait City, in an area where several foreign embassies are located, and it’s considered among the biggest of its kind.
KIPCO, one of the Gulf’s most noticeable private sector businesses with interests in industrials, media, financials and real estate, registered a 17 percent climb in the three months to Sep’s net profit.
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