Kuwaiti firm buys land for real estate development
Al-Tamdin for Marketing Centers Company revealed it signed a deal for purchasing a land plot of 30,000 square meters area from Kuwaiti Cinema Company for 27 million Kuwaiti Dinars ($92.46 million) reported the Kuwaiti newspaper, Al-Watan on April 12, 2005.
Tamdin, which was founded less than a month ago as a company specializing in management of marketing centers and large commercial projects, intends to
establish on this area a modern commercial project adjacent to the sixth square.
The head of the company's board of directors, Marzuk Jasem al-Marzuq, said the works on the project are expected to start during the current year and to last for two years, thus allowing it to be opened at the end of September 2007.
It should be mentioned that Al-Tamdin for Marketing Centers was established in March 2005 by 30 million Kuwaiti Dinars ($102.7 million) capital. The company's goal is to manage marketing centers and commercial projects owned by the company itself and by each of al-Tamdin for Real Estate and the Kuwaiti National Cinema Company, which holds 57,71% of its capital.