Wednesday, Jul 13, 2011
BEIRUT (Zawya Dow Jones)--Kuwait's real estate developer Manazel Holding Co., an affiliate of Investment Dar Co., has already sold 20% of its Layan Residence project in New Cairo and there are no objections to it implementation, Kuwait-based Al Watan daily reports Wednesday citing an executive.
Although demand for the project's [residential units] declined following the outbreak of unrest in Egypt earlier this year, the country remains one of the promising real estate markets, Adnan Al Nisf, the company's chairman and managing director, said according to the paper.
Manazel is going ahead with this project and expects to complete it in 2013, he told Al Watan.
The fact that Investment Dar has been allowed to benefit from Kuwait's financial stability law will positively reflect on the performance of Manazel, the daily cites Nisf as saying.
Newspaper website: http://alwatan.kuwait.tt/ArticleDetails.aspx?Id=124769&YearQuarter=20113
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
13-07-11 0431GMT
