One of Kuwait's largest real estate deals concluded
In one of Kuwait's largest real estate deals so far in 2005, AAYAN Leasing and Investment Company has purchased recently a land plot, which was owned by the Public Institution for National Security for KD20 million ($68.4 million), reported the Kuwaiti newspaper, Al-Watan on Wednesday.
Aayan won the deal after stiff competition with other real estate bodies through closed envelope auction. The land is located in the heart of the city of Kuwait, adjacent to main commercial centers, near "Shirin" mosque and opposite to al-Hamra cinema. The land license is defined at present as "investment-commercial", but the company intends to change it to "commercial" in order to construct on it a large commercial tower.