Kuwaiti real estate company making change
The General Manager of Kuwait National Real Estate Services and Investment Company (Al-Aqaria), Walid Abd Al-Azzaz, announced that the company's board of directors agreed unanimously upon the strategic plan aiming to change the status of Al-Aqaria from a real estate company into a holding company, reported the Kuwaiti newspaper, Al-Qabas, on October 9, 2005.
Al-Azzaz added that Al-Aqaria is currently establishes three subsidiaries specializing in the main fields in which Al-Aqaira has operated in, i.e. one company in the cleaning sector, another company in the construction and projects management sector and a third company in the sector of real estate investments, management of assets and maintenance works.
The main goal of this change, according to Al-Azzaz, is to specialize in various activities instead of being an inclusive company, in addition to the creation of integration between the three companies and strengthening their competitive aspects.
The real estate company will accomplish several large strategic projects and will start to construct a commercial tower in 2006 in the city of Kuwait by 15 million Kuwaiti Dinars ($51.3 million) costs.
It should be mentioned that the Kuwait National Real Estate Services and Investment Company (Al-Aqaria) is a closed joint stock company registered in Kuwait stock exchange, with 30 million Kuwaiti Dinars ($102.7 million) capital.