Hydra Properties Real Estate Company, one of the leading real estate development firms in the UAE, has signed a partnership agreement with Kuwait-based Al Aqeelah Leasing, Finance and Investment Company, and Tassameem Real Estate Company to establish Hydra Al Aqeelah Development Company, which will develop the Aqeeq Al Marina project.
The real estate venture will be located in Kuwait’s resort city of Khairan.The new strategic partnership signifies an important turning point in the Kuwaiti real estate development, particularly since the Khairan project is one of the largest and most important real estate projects in the entire region, said Vice-President of Al Aqeelah Riyadh Al Ali and CEO of Hydra Properties Dr Sulaiman Al Fahim in a joint statement on Tuesday.
Hydra Properties has signed similar partnership agreements with Al Qudra Holding Company to establish a company that develops both the real estate and investment sectors. Hydra Properties is linked in a joint venture and strategic partnership with Ras Al Khaimah Cement Company, and Hydra Properties has 20 per cent of the company’s shares, said a statement.
“This project embodies a combination between the ultimate in luxury and the ultimate in aesthetic design, based on international specifications that stem from the visions held by Al Aqeelah and Hydra Properties in constructing buildings through innovation and creativity, establishing the desired goals that are in par with international standards,” said Al Fahim of Hydra Properties.
“The Aqeeq Al Marina project consists of a major commercial complex, a residential compound and one of the most luxurious hotels in the region.
We certainly hope that this project will eventually become a model that symbolises a modern and luxurious lifestyle, as well as one of the most important tourist and commercial attractions in the Gulf region. The project’s size is approximately 50,000 square metres, as the first phase of Khairan’s Pearl City project,” Al Ali said.
Hydra in pact with Kuwait firm