Hydra-Al-Aqeelah Development Co formed in Kuwait

Hydra Properties Real Estate Company, one of the leading real estate development firms in the UAE, alongside Kuwait-based Al-Aqeelah Leasing, Finance and Investment Co., and Tassameem Real Estate Co., have announced the signing of a partnership agreement to establish Hydra-Al-Aqeelah Development Co., which will develop the Aqeeq Al-Marina, a mega real estate venture in the region, which will be located in Kuwait's resort city of Khairan.

Riyadh Al-Ali, Vice President of Al-Aqeelah, and Chief Executive Officer of Hydra Properties Dr. Sulaiman Al Fahim, jointly stressed during a press conference held Tuesday morning, the importance of this new strategic partnership, which signifies an important turning point in the Kuwaiti real estate development, particularly since the Khairan project is one of the largest and most important real estate projects in the entire region.

Dr. Sulaiman Al Fahim emphasized the importance of this strategic partnership and the unique identity embodied by the Aqeeq Al-Marina project, in which Tassameem Real Estate is also a partner. He added that this partnership is a continuation of efforts exerted by officials at Hydra Properties to promote the real estate sector's activities. He added that Hydra Properties has already signed similar partnership agreements with Al-Qudra Holding Company, based in the UAE, to establish a company that develops both the real estate and investment sectors. He also pointed out that Hydra Properties is linked in a joint venture and strategic partnership with Ras Al-Khaima Cement Company, whereas Hydra Properties possesses 20 percent of the company's shares.

'This project embodies a combination between the ultimate in luxury and the ultimate in aesthetic design, based on international specifications that stem from the visions held by Al-Aqeelah and Hydra Properties in constructing buildings through innovation and creativity, establishing the desired goals that are in par with international standards,' said Al-Fahim.

Al-Fahim concluded that this partnership with Al-Aqeelah will contribute in strengthening the status of each company respectively, as well as solidifying their competitive capabilities in the market, in addition to allowing them to enter new markets and to seize enhanced investment opportunities in the interest of the company's' shareholders.

Since day one of the company's establishment, Al-Ali pointed out, officials overseeing the project have taken full responsibility for developing the real estate sector through its subsidiary company, Al-Aqeelah International Real Estate Co., which was assigned as one of the major companies in charge of the project.

'The Aqeeq Al-Marina project consists of a major commercial complex, a residential compound and one of the most luxurious hotels in the region- and in the world. We certainly hope that this project will eventually become a model that symbolizes a modern and luxurious lifestyle, as well as one of the most important touristic and commercial attractions in the Gulf region. The project's size is approximately 50,000 square meters, as the first phase of Khairan's Pearl City project,' concluded Al-Ali.