Projects by Kuwaiti Commerce and Real Estate Investment Company
The chairman of the Kuwaiti Commerce and Real Estate Investment Company's board of directors, Khaled Abdallah al-Bashar, announced that the company has projects estimated at KD20 million ($68.4 million) for the current year (2005), according to the Kuwaiti newspaper Al-Qabas.
The general assembly of the company has approved the inclusion of the company in the local securities market during the current year. It also approved the distribution of dividends valued at 8% of profits. Al-Bashar added that the company plans to launch strategic projects; the most prominent among them are the construction of a hotel in "Al-Shaab" region, and the construction of a residential project in Al-Mahbula region. The company has already gained the needed licenses for the hotel, which will be constructed on a 4,000 square meters area. The operation of the hotel is expected at the beginning of 2007.
As for the residential project, it will be constructed on a 3,600 square meters area and its accomplishment is expected in September 2006. According to Al-Bashar, the company gained net profits valued at 4,759,194 Kuwaiti Dinars ($16.29 million) in 2004, say a 29% increase compared to 2003. Total revenues in 2004 hit KD 5,617,246 and total expenditures reached KD 784,558 (1KD= $3.4). Al-Bashar added that approximately 57% of the company's assets are real estates investments, while 36% are divided between local investments portfolio and other investments. The company holds investments in America, France and Germany.