Mubasher: Kuwait Business Town Real Estate’s local investments make up around 66% of its portfolio, its CEO said, revealing plans to boost the company’s footprint in the European and US markets this year.
Kuwait Business also seeks to offload unprofitable assets, Ahmed Al Aqeel told Al Jarida.
In addition, the property developer is in talks for implementing some projects and acquiring real estates, he said.
The CEO further noted that Kuwait Business Town will carry out a residential project in Brussels by the end of May, along with seeking to purchase a EUR 4 million land plot in collaboration with a Belgian investor.
The Kuwaiti real estate developer is on the verge of finishing the acquisition of commercial property in Texas at a value of $22 million, in addition to negotiating to buy a EUR 44 million administrative building in Spain.
The occupancy rate in most of the company’s properties in Kuwait reached nearly 100%, Al Aqeel stated.
In the first quarter of 2019, Kuwait Business’ profits skyrocketed 113.1% year-on-year to KWD 661,700, against KWD 310,400.
