Global Investment House "Global" announced today the conclusion of two new real estates acquisition in the Kuwait, one in Maidan Hawally area and the other in Salmiya area, as part of its GCC Real Estate Fund investment strategy.
The fund will invest the two real estates according to the “Lessee-to-Own” structure for a third party and for a period of 3 years. This will be in accordance with the Islamic Shari’a principles.
Mr. Sameer A. Al-Gharaballi, Executive Vice President at Global said that the lessee to own structure is one of the successful investment tools that allow the fund to increase the profit and reduce the risk in the same time.
This investment is a joint venture with the Fund Advisor, Alargan Int’l Real Estate Company, he added.
Al-Gharaballi stated that the first real estate is a residential building constructed on 734 square meters (sqm) and consist of 10 stories – ground level and 9 typical floors- with a total number of 27 apartments. The building is located in Maidan Hawally area and it can easily accessed throw the Fahaihel Highway and/or the Fourth Ring Road.
The second real estate is also a residential building constructed on 775 sqm and consist of 10 stories – ground level and 9 typical floors- with a total number of 20 apartments. It is located in Salmiya area, very close to Salmiya Market Mall with direct entrance throw the Fifth Ring Road. The two buildings are considered income-generating assets.
He followed by saying that with this investment, the GCC Real Estate fund have utilized all of its capital in different kinds of assets, in various GCC countries using different investment tools.
The fund was launched in April 2005 with the objective of investing into development projects and income producing assets focusing on residential development assets for low-middle income end-users. The fund’s investments are distributed among Kuwait, Kingdom of Bahrain, and Sultanate of Oman.
Global manages two similar funds, Global US Real Estate fund and Global Asia Real Estate fund which are also Shari’a’ complaint.
About Global Investment House “Global”
Global Investment House “Global” is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, and Dubai Stock Exchanges, with branches and affiliates in Bahrain, Dubai and Abu Dhabi (UAE), Jordan, Qatar, and Sudan. Global plays an important role in promoting investment opportunities in the Arabian Gulf Peninsula to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global’s achievements have been recognized on local, regional, and international levels. The company’s current assets under management reached KD 2.021 billion (USD 7 billion) as at 30 September 2006.
