Capital City Tower project in Kuwait
The head of Al Dar National Real Estate Company, Yusuf al-Samit, announced that the company is about to accomplish many large projects; the first of them is the Capital City Tower, which will include commercial offices and a hotel, and will be designed in a modern special style. The project is expected to be accomplished within four years by a total cost of KD88 million ($301.2 million), reported the Kuwaiti newspaper, Al-Watan on April 4, 2005.
Al-Samit said during the general assembly Al Dar National Real Estate Company that the company succeeded in increasing its assets to KD44 million
($150.6 million) and to gain profits, which exceeded KD5.2 million ($17.8 million), with net profit of 99,7 fils per one share. He added that the company has completed all the necessary procedures for entering the Kuwaiti financial market, and it is expected to be listed during May. The company plans to accomplish several large real estate projects and to accomplish BOT projects, as well as widening its activities to all investment, development and services in the real estate sector.