Kuwait Finance House to manage US$3.3 billion real estate portfolio
Kuwait Finance House (KFH) AGM for Finance Sector Emad Al-Thaqeb has said that Kuwait Investment Authority had asked KFH to manage a real estate portfolio with a capital of KD 1 billion (US$3.33 billion). He explained that the authority asked KFH at the beginning to manage KD 250 million of the portfolio’s total capital that is KD 1 billion, and noted that the portfolio will operate for five years and seeks to focus on investments in the commercial and investment real estate sector. The portfolio seeks to achieve good returns on the medium and long term ranges through dealing in selected real estate.
Moreover, he stated that an executive supervisory committee will be formed and will consist of three members and two KFH representatives. The committee will be assigned to set detailed regulations for managing the portfolio. He stressed that since KFH cares for transparency, it will not take any decisions about any real estate that it owns whether directly or indirectly, and will allow the committee to shoulder that responsibility.