By: Ahmad Awad

Kuwait-Mubasher: The total value of Kuwait Real Estate’s portfolio stands at KWD 235 million ($775 million), Chairman Ibrahim Al Therban said on Thursday.

The top official noted that 80% of the real estate portfolio exists in the Kuwaiti market, while the remaining share is distributed on both the European and American markets.

The real estate company is expanding its investment baseline in the American and British markets, building four hotels in New York and London in the past period, Al Therban added on the sidelines of the ordinary general meeting (OGM).

Kuwait Real Estate will repay a KWD 5 million loan to a Qatari bank, and another KWD 5 million as fees to the Kuwaiti government in return for two markets run using the Build-Operate-Transfer (BOT) system.

The Kuwaiti company has won hotel management contracts in Malaysia and Saudi Arabia, with good liquidity to finance its further expansions, he added.

The shareholders have approved retaining earnings for the fiscal year 2015.

Translated by: Ingy ElSafy