Kuwait Finance House (KFH) and its subsidiary Al-Enmaa Real Estate Company inked an agreement with the Public Authority for Housing Welfare to construct and maintain Sabah Al-Ahmad residential city. It is worth noting that the project thousands of residential units for Kuwaitis, and its total value is KD 38.5 million.
Acting AGM for Financing Sector Waleed Al-Sumei said that this step is part of KFH's efforts to support its subsidiary and other national companies to shoulder their responsibilities towards the development plan's projects. He added that this agreement reflects KFH's keenness in collaborating with official authorities to find solutions for the housing problem in Kuwait. He went on to say that KFH is willing to offer its financial and technical abilities to make those projects successful; especially that it has taken part in major development projects in various sectors in the region and worldwide. He mentioned that KFH is planning to finance several major national companies that were awarded tenders floated by official authorities. He stressed that KFH firmly believes in the feasibility of investment opportunities available in the local market, and believes in the competency of the private sector.
Moreover, CEO Al-Enmaa Real Estate Company Waleed Al-Jery stated that the project has 34 government buildings that include schools, mosques, central markets, police stations, public libraries, post offices, health care centers, and gas cylinders warehouse. He explained that the project costs over KD 38,514 million and requires 730 days to be executed. He asserted that the company will be able to handle the project, since it is experienced in executing development projects in Kuwait and overseas. He applauded KFH for supporting the company's projects, and also applauded the government for entrusting Al-Enmaa Company to handle this project. He revealed that the company plans to take part executing other real estate projects in collaboration with some official authorities during the coming period.
© Press Release 2012
