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A listed Kuwaiti developer which has large assets in Kuwait and the UAE has approved a 15 percent rise in its capital to fund expansion plans.
Kuwaiti real estate company Aqarat said its board met on Wednesday and endorsed the increase from around 106 million Kuwaiti dinars ($350 million) to KWD122 million ($403 million).
In a bourse statement, Aqarat said the board approved the increase following a study prepared by global consultancy firm BDO Global.
At the end of 2024, Aqarat had paid-up capital of KWD106 million ($350 million) and assets of nearly $1.5 billion, according to its annual report. Its market capitalisation at the end of last year was about $2.7 billion.
Aqarat is currently building thousands of houses for foreign workers in Kuwait. It is also working on a $1 billion project in the emirate of Sharjah for the development of nearly 1,100 villas and townhouses, which will be completed in early 2028.
Aqarat’s expansion plan follows a decision by Kuwait in February to ease some of its longstanding restrictions on foreign residents buying property.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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