By Ahmed Awad
Kuwait – Mubasher: Commercial Real Estate Co. (Al-Tijaria) is injecting BHD35 million (KWD 28 million) worth of investments in a housing project in Bahrain, according to Chairman Abdul Fatah Al Marafie.
Speaking to journalists during the company’s ordinary general meeting held today, Al Marafie added that contracting operations in the Bahrain-based project would be carried out in the second quarter of 2016.
He also said the 46%-owned Boulevard touristic project in the Kuwaiti capital would be inaugurated in the third quarter of 2016.
Al-Tijaria’s real estate portfolio is estimated at around KWD 137 million ($452 million), in which Kuwait dominates 78%, while the remaining portion is distributed across GCC and Europe, according to the chairman.
The company’s shareholders approved today the distribution of cash dividends at 5% of the stock’s par value, or 5 fils per share.
FY15 net profit rose by 8.8% to KWD 20.59 million, from KWD 18.92 million.
