FINANCIAL NEWS

Middle East’s real-estate spending in US to hit USD20b

04 Dec 2015

(MENAFN) The Kuwait Real Estate Co, or Aqarat, approached US Synapse to deepen the two firms’ ties as general partners, and they plan to invest USD25 million in the future within the US.

Additionally, both companies are currently working on a project in the Williamsburg section of Brooklyn in New York City, and Synapse is eyeing other US urban markets for future deals.

Basically, the Kuwaiti money is a very clear example of the increased capital flowing into global real estate from the Middle East, some of which is heading abroad for the first time.

According to real estate advisers CBRE, this year, investment from the region is set to reach a record USD18 billion to USD20 billion or at least 13 percent more than the last record in 2013.

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