Mubasher: Mabanee Co. is seeking to step up shopping centre business, along with developing the company’s business in the hospitality sector by involving shopping malls, the CEO of the Kuwait-based real estate firm said.
Hotels including shopping centres register a higher occupancy rate of 25% compared to other developments which don’t comprise shopping malls, Al Qabas newspaper reported, citing Waleed Alshareaan.
Mabanee also plans to involve administrative and residential units in its projects over the coming period in a bid to establish a full-fledged community, he said.
The real estate developer is currently establishing two hotels in Kuwait, four hotels in Riyadh, three hotels in Khobar, and a hotel in each of Bahrain, Sharjah, and Salmiya, Alshareaan noted.
These hotels will be varied between three-five star developments, the company’s CEO said.
Additionally, he noted that over 40 million persons visited 1,100 stores in the Avenues Mall in Kuwait on an annual basis.
Alshareaan further indicated that after the inauguration of the fourth phase of the Avenues Mall, the number of visitors increased by 25%, led by a big slice from the GCC.
In the first quarter of 2019, Mabanee’s profits rose 13.1% year-on-year to KWD 13.76 million from KWD 12.17 million.