Kuwait’s Real Estate Sector Shows Growth in Assets and Liabilities in 2023

Kuwait Stock Exchange-listed real estate companies saw their assets grow in 2023 to 5.8 billion dinars and liabilities to 2.89 billion dinars, up 4.3% and 5.1% respectively from the previous year.

Thu, Apr 11, 2024 5:34pm

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During the fiscal year that concluded on December 31, 2023, real estate firms listed on the Kuwait Stock Exchange witnessed a growth in both assets and liabilities. The total assets of these companies reached 5.8 billion dinars, registering a 4.3% rise from the previous year’s 5.55 billion dinars. Meanwhile, the liabilities for the same period saw a climb to 2.89 billion dinars, up by 5.1$ from 2.75 billion dinars in 2022, constituting nearly 49.9% of the companies’ total assets.

Leading Companies and Growth Highlights

Leading the pack in asset valuation was Mabanee Company with assets of 1.35 billion dinars, followed by the United Real Estate Company and Tamdeen Real Estate, holding assets valued at 665.4 million dinars and 562.5 million dinars, respectively. Notably, Sanam Real Estate Company reported the most significant growth in assets at 35.7%, with Mabanee Company also seeing a substantial increase of 19.4%.

This collaboration will extend into the fourth phase of Azizi’s Riviera project in MBR City, with Cummins supplying top-tier power generators.

Fri, Jul 5, 2024

2 min

Azizi Developments, a prominent private developer in the UAE, and Cummins Inc., a global leader in power solutions design, manufacturing, distribution, and supply, are extending their partnership into the fourth phase of the large-scale Riviera project. Cummins, known for its diverse range of products including diesel, natural gas, electric, and hybrid powertrains, as well as powertrain-related components, like filtration, after-treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, batteries, hydrogen generation, and fuel cell products. The manufacturer is globally renowned for its excellence in both innovation and sustainability.

Mr. Farhad Azizi, CEO of Azizi Developments, said: “As we continue our collaboration with Cummins Inc. for the fourth phase of our flagship project, Riviera, we reaffirm our commitment to procuring and utilizing only the highest quality materials. This partnership highlights our dedication to providing exceptional lifestyles for our investors and end-users through the careful selection of premium components. We are confident that our now-broadened alliance with Cummins Inc. will help in maintaining the high standards established for Riviera and further elevate the benchmarks of quality and excellence.”

Riviera is part of Azizi Developments’ award-winning portfolio. It is a stylish waterfront lifestyle destination that comprises 75 mid- and high-rise buildings with approximately 16,000 residences.

Designed to introduce the French-Mediterranean lifestyle to Dubai, which is not merely about architectural art, but also about a certain ‘joie de vivre’ — a celebration of life, an exultation of spirit, Riviera represents a new landmark destination that is both residential and commercial, with an abundance of retail space. Riviera features three districts: an extensive retail boulevard, a lagoon walk on the shores of its 2.7 km-long swimmable crystal lagoon with artisan eateries and boutiques, and Les Jardins — a vast, lush-green social space.

With its strategic location near the upcoming Meydan One Mall and the Meydan Racecourse — home of the Dubai World Cup — as well as Dubai’s most noteworthy points of interest, Riviera represents one of Azizi Developments’ most coveted projects.

Azizi Developments’ Sales Gallery can be visited on the 13th floor of the Conrad Hotel on Sheikh Zayed Road.