KUWAIT CITY - Abdul Fatah Marafie, the chairman and the managing director of the Commercial real Estate Company stated that the management of the company and the executive committee was able to make a net profit of KD 6,300,000 (six million and three hundred thousand Kuwaiti dinars) by signing a vending and Setting-off contract for the Maqam Tower Project in Mecca.
He added that the company owns 30 percent of the project and that the deal was made with one of the companies in the Gulf region. He indicated that the total value of the deal to sell the entire tower (void of furniture) reached SR 2,675,000,000 (two billion and six hundred and seventy five million Saudi riyals) which equals KD 203,000,000 (two hundred and three million Kuwaiti dinars).
The deal resulted in a total profit of almost SR 275,000,000 (two hundred and seventy five million Saudi Riyals) which is equal to KD 21,000,000 (twenty one million Kuwaiti dinars).
Abdul Fatah Marafie congratulated the shareholders at the Commercial Real Estate Company with the deal whose effects are evident in the revenues of the company.
He also congratulated the partners of this achievement in the hard economic times and their current effect on many local, regional, and international companies and establishments.
Al Tijaria Real Estate Company announced that it had achieved net profits of 9.5 million Kuwaiti dinars during the six months which expired in June 2009. The profits from each share reached 5.76 Fils.
The total value of the assets of the company reached 415 million Kuwaiti dinars, which constitutes an increase of 8.9 percent for the same period of 2008.
The real estate portfolio of the company indicated that its value increased where the total value of real estate investments reached 182 million Kuwaiti dinars, which constitutes a 40.4 percent increase in comparison with the same period last year, when the company assessed one of the projects which was effectively executed.
Marafie, confirmed that they reflect the intensity of the efforts deployed to achieve the sought after goals by abiding by the strategies announced by the company which focus on grabbing new and promising investment opportunities and which increase the value of the funds of shareholders regardless the international economic crisis in local and international markets.
Marafie added that "Al Tijaria has not stopped enhancing its operational activities which are expected to have positive effects on the future performance of the company. Several real estate and investment projects in the State of Kuwait are being studied and assessed and the company is intensely following up on projects and investments outside the State of Kuwait."
Regardless of the hardships faced by companies in Setting-off operations from their investments in the region, the efforts of the company in choosing its partners and allies in many local and regional projects, the quality of its investment policies, and the huge efforts deployed by its board in order to find practical solutions for dealing with the negative effects of the crisis have all led to the accomplishment of the deal.
Marafie stated that the partners in Maqam Tower Project are:
n The Commercial Real Estate Company with 30 percent
n Kuwait Commercial Markets Complex Company with 25 percent
n Saudi Binladin Group with 25 percent
n Industrial and Financial Investments Company with 10 percent
n Mashaer for Hajj and Umrah Services Company with 5 percent
n Al Masa'a Real Estate Fund with 5 percent
In conclusion, Marafie confirmed the strength and stability of the financial status of the company. He also confirmed that it shall continue with its strategy which is constantly monitored, reviewed, and developed in accordance with the surrounding circumstances. He also assured the shareholders of the company that the board shall continue working in accordance with the clear course for dealing with the current crisis.
© Arab Times 2009
