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05 June 2023

Emaar: Kuwait ‘perfect’ for expansion

By Agencies


Dubai-based developer Emaar Properties said on Tuesday it is evaluating real estate projects in Kuwait, a country it considers a "perfect" fit for its expansion plans.

"Kuwait is a key growth market in the region, and fits perfectly with Emaar's geographic expansion plans," a spokesman for the company told Reuters in a written response to questions. "We will continue to evaluate growth opportunities in Kuwait," said the spokesman, though Emaar had yet to identify "the right opportunity."

Kuwait's al-Qabas newspaper reported on Monday that Emaar plans to invest in Kuwait real estate projects on a build-operate-transfer basis.

Emaar is likely to invest in Boubyan island construction project, the daily said, without giving the source of the information.

Emaar, which is developing a $20 billion project in Dubai that includes the world's tallest building, posted a record fourth-quarter profit helped by revenue from projects in India and Morocco. (Reuters)