Kuwait's Grand Real Estate Projects Company debuts on DFM

This is the 3rd listing in as many days and the 39th public joint stock company listing out of 56 securities instruments listed on DFM.

Grand Real Estate Projects Company is classified under "Service" sector that includes 14 public joint stock companies now. The company's shares would start trading from July 12, 2006 with trading symbol GRAND that will appear on DFM screens, trading systems and publications.

The listing of ordinary shares of the company has been finalised and approved by DFM in collaboration with ESCA. Grand Real Estate Projects Company is listed on Kuwait Stock Exchange and investors would now be able to trade these shares on DFM as well. Foreign investors are allowed to acquire the company's shares at maximum of 100 per cent of its KD 31,149,950 paid up capital.

Speaking at the 'bell-ringing" function, Essa Kazim, Director General of DFM, said:

"We welcome Grand Real Estate Projects Company to the DFM and wish them a fruitful presence here. This week has been really eventful for DFM since three high profile companies - leaders in their respective category - made their debut on UAE's premier stock exchange. With the latest entrant Grand Real Estate Projects Company, DFM has taken a major stride in financial markets since we now have companies from almost the entire GCC."

"Grand Real Estate Projects Company's entry should be considered as testimony to DFM's attractive propositions. DFM has seen huge growth in investor numbers which will get a fillip with new stocks debuting in rapid fire succession," he concluded.

Sami Badr, CEO of Grand Real Estate Projects Company, said:" We are delighted to announce Grand's listing on DFM. The company's decision comes in line with its expansion plans in the region. DFM is a leading stock market that attracts business initiatives from the Arab World."

The company's activities are concentrated in the region as well as some Middle Eastern countries. Grand Real Estate Projects Company is active in the entire real estate chain - acquisition, buying, improving & selling real estate and land, acquainting and managing hotels and resorts and, performing real estate investments operations.