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Markaz’s foreign real estate AUM hit $377m in Q1

Markaz’s foreign real estate AUM hit $377m in Q1
Markaz will continue the development of its investment programme
MARKAZ
MARKAZ
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Mubasher: Kuwait Financial Centre’s (Markaz) foreign real estate assets under management (AUM) in the US and Europe reached $377 million (KWD 114.78 million) during the first quarter of 2019.

Markaz will continue the development of its investment programme to capitalise on value-added opportunities in the US and some European markets include Poland and Germany, senior vice president-wealth management and business development at Markaz, Deena Al Refai, said.

As for Markaz’s short-term strategy, Deena added that, in the light of the instability in the regional markets, investors would seek to geographically diversify their investments through focusing on new investment products outside the region.

The Kuwait-listed company reported a 112.4% year-on-year increase in profits during the first quarter of 2019, recording KWD 3.643 million.

Earlier in May, Markaz’s CEO stated that the company’s AUM increased by 12% year-on-year to KWD 1.16 billion in Q1.