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Kuwait Real Estate Company (AQARAT) has sold 99 percent of units in its 3.5 billion UAE dirhams ($953 million) Al Tay Hills master community in Sharjah, according to its FY2025 investor presentation.
Aqarat is developing the project in collaboration with its subsidiary IFA Hotels and Resorts.
As the Kuwait-listed company’s largest residential development to date, Al Tay Hills spans more than six million square feet and comprises over 1,100 villas and townhouses integrated with a 2.5-kilometre green river, landscaped parks, trails and retail amenities.
The presentation said showcase villas currently under development and key construction milestones are expected in 2026.
Phased handovers are scheduled to begin in the first quarter of 2028, it noted.
In June 2025, Darwish Engineering was awarded AED198 million ($54 million) infrastructure works contract for the project.
Beyond Al Tay Hills
The presentation said the company’s UAE future development pipeline is supported last year’s land acquisition in Sharjah.
The company had stated in September 2025 that it invested 2.589 million Kuwaiti dinars (approximately $8.4 million) to acquire a stake in the land plot in Sharjah. The investment was made through an investment company in which AQARAT holds a 40 percent stake, in partnership with Kuwait-based Commercial Real Estate Company and other strategic partners.
The investment vehicle, structured as a UAE-based limited liability company, owns 50 percent of the land, which has a total value of approximately KWD 13 million ($42 million). Based on this structure, Aqarat effective share in the project stands at 20 percent.
In its September 2025 disclosure, the company had said the investment is aimed at developing a real estate project over a four-year investment horizon.
Domus staff accomodation project
The FY 2025 presentation said construction of the Domus 5 staff accommodation project in Dubai has surpassed 70 percent completion. The Domus development, located in Dubai Production City, comprises five purpose-built buildings designed to serve hospitality sector demand, with Domus 1 to 4 fully leased and housing more than 7,000 staff. Each building includes 102 units constructed using modular prefabrication, with Domus 5 comprising 552 modules.
AQARAT also reconfirmed that it has committed AED 100 million ($27 million) as a strategic investor in the Domus Real Estate Fund, launched by Arzan Investment Management (AIM), which is targeting a AED 1.5 billion ($408 million) portfolio of high-quality staff housing assets for hospitality and other service sectors in the UAE.
Sabhan labour housing project
In Kuwait, the Sabhan labour housing project has reached 85 percent completion. The build-operate-transfer (BOT) scheme spans 40,000 square metres (sqm) and includes 16 residential complexes accommodating 3,000 workers, along with commercial, administrative and recreational facilities under a 20-year concession from Kuwait Municipality.
(Writing by Anoop Menon; Editing by SA Kader)
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