Written by: Ahmed Awaad

Kuwait-listed National Real Estate Company (NREC) expects to achieve profits of $500 million to $600 million from its “Grand Heights” real estate project in Egypt, said Chairman Faisal Al Essa.

In 2014, NREC has delivered 85% of the first and the second phase of Grand Heights, a joint venture spread over 1.5 million sqm in partnership with Wadi El Nil Company, added Faisal Al Essa.

The company set aside KWD 6.5 million in provisions for its projects in Libya, noted Al Essa.  

NREC holds investments of nearly $1 billion in Reem Mall in Abu Dhabi, said Al Essa, adding that the company expects to commence the project by the third quarter of 2015.

NREC firstly unveiled Reem Mall project in 2008, but was put on hold due to the financial crisis.

The Kuwaiti real estate developer is capitalised at KWD 89.8 million, distributed across 898 million shares at KWD 100 fils par value each.  

Translated by: Shaimaa ELSarky