Kuwait to roll out multi-million US Dollar property investment projects at Cityscape 2005

Many investors are keeping a close eye on Kuwait, especially after the announcement by the Government of an ambitious 20-year tourism master plan developed in conjunction with the World Tourism Organisation and the UN Development programme.

At a cost of US$3.3 billion, under the plan Kuwait will allow the private sector to invest in 20 new hotel projects at Failaka Island a 43 square kilometer island development, part of the Kuwaiti government's commitment to bolster tourism in the emirate.

Kuwait's recent announcement of the Direct Foreign Capital Investment Law is also set to streamline investment opportunities in the emirate, allowing 100 per cent foreign ownership in sectors such as infrastructure and real estate. The value of the real estate market is on the rise in Kuwait. According to recent reports the market returned gains valued at US$9.25bn in 2004, a 24 per cent increase over 2003.

Taking heart from solid government support in the sector and strong demand at home and abroad, local developer CRC, will present three new projects at Cityscape 2005: The Dome project which is an entertainment complex; The Symphony, which is a substantial hotel, office, shopping and residential project; and the Kuwait Trade Center (KTC) project, a 41 floor office tower and shopping center located in Al Sour Street in Kuwait City.

Iyad Al Sharekh, Managing Director, MAS International, explained that his company will showcase at Cityscape its leading real estate project in Saudi Arabia, the Zamzam Grand Suites, a 31 floor tower and shopping centre located in Mekkah that will be operated by the Accor Group of hotels. The Multimillion Kuwaiti Dinar project features a total of 1240 studio, one and two bedroom apartments, a 700 square meter mall spread on four floors, two parking levels for 1400 vehicles, as well as two floor dedicated to various restaurants capable of catering to 5,000 seated guests.

"Cityscape is an important event that will give us the chance to meet with investors and real estate developers and offers us an excellent opportunity to market our project which is due for completion in 2006, and is currently more than 50% completed," Iyad added.

Al Masaya will also be highlighting its real estate developments in Dubai and Kuwait during Cityscape 2005. With several mixed use, commercial and real estate developments spread across Dubai in the Dubai International Financial Centre (DIFC), as well as in Jumeira Lake Towers, in Dubai Health Care City (DHCC) and with Dubai Land, the Kuwaiti-based company is busy consolidating and promoting its real estate projects.

Khaled Esbeitah, Managing Director and Chief Executive Officer (CEO) of Al Mazaya Holding company, the owners of Al Mazaya Real Estate company said:
"We are involved in the development of The Villas, where we acquired 492 plots from Dubailand to develop part of them as villas and sell the remaining plots to future developers. We are currently working on completing our listing on the Dubai Stock Exchange after we completed listing our company on the Kuwait Stock Exchange last May."

Alargan International Real Estate and will also be showcasing its new hotel development and has plans to launch exciting new projects at Cityscape.

"The participation of real estate companies such as CRC, Al Masaya, Alargan and Mas International at Cityscape 2005 is indicative of the huge interest in this fast-growing market," said Franck Dailles, Project Director, Cityscape.