Seven Saudi real estate projects promoted in Kuwait

The Kuwaiti Real Estate Co. announced Tuesday tenders for SR 1.195-billion's worth of seven real estate projects in the Kingdom of Saudi Arabia and urged interested Kuwaiti companies to present their bids. In a press brief, Chairman Adel Al-Qattan said the seven tenders cover lands allocated for residential, industrial, commercial and investment real estate in the Saudi cities of Jeddah, Riyadh, Damam, Medina and Taif. He also disclosed that his company is about to implement a five-year ambitious expansion plan including huge real estate portfolio, executing mega projects in the Kingdom of Saudi Arabia and put up a tender of a distinguished site to be the first of its kind in Kuwait in terms of services and trading deals. Al-Qattan pointed out that Kuwaiti investors' interest in Saudi real estate market has grown remarkably during the last quarter of 2010 and the first quarter of 2011, which reflects the expanding and profitability nature of this sector, particularly following the recent royal decrees on pumping billions of riyals for supporting this sector. He added that the Saudi decision to exclude Gulf investors from the ban on possessing buildings in the Kingdom would help attract Gulf investments estimated, by economists, at SR 13 billion, including SR 7 billion in the Eastern region, this year. From : Kuwait news agency