By: Ahmad Awad

Kuwait-Mubasher: Alargan International Real Estate seeks to take full advantage of new income-generating investments in new markets, including the Middle East and North Africa (MENA) region, said Alargan Vice Chairman and CEO Khaled Al-Mashaan.

“Alargan is currently focusing on promoting real estate portfolios by developing existing real estate properties located on rented lands or in the form of build operate transfer (BOT) contract,” added Al-Mashaan.

“The most prominent projects executed by Alargan are Baraka Resort in Oman, Argan Village in Bahrain, and Argan Square in Kuwait,” noted the CEO.

Al-Mashaan declared that the company plans to be a pioneer in the real estate developing sector in the Gulf Cooperation Council (GCC), by providing affordable real estate products and investing in income-generating projects with fixed returns.

“The financial results for the first nine months of 2014 reflected a positive outlook,” said the CEO, adding “A growth in the firm’s operating profit is expected in the fiscal year of 2014, following the exit from the real estate fund owned by Alargan and its subsidiaries. The profit of the exit will be registered in the earnings of 2015.”

Al-Mashaan denied the intension to acquire any firm inside or outside Kuwait.

Capital Intelligence (CI) rating reflects Alargan’s financing structure and the low reliance on short-term debts, said the CEO, commenting on the CI’s rating affirmed as ‘-BBB’ with a ‘stable’ outlook.

“The real estate market is anticipating because of the decline in oil prices and stock markets,” concluded Al-Mashaan.

The CEO noted that prices of the real estate sector will not witness a correction in the near future, affected by the high demand on residential units.

It is noteworthy that Alargan has several investments in Saudi Arabia, Bahrain, Oman, Egypt, and the UK.

Translated by: Ingy ElSafy