Mubasher: National Investments Company (NIC) is planning to establish a real estate management and development arm, senior vice president for the Real Estate Investments Sector at NIC, Mohammad Tareq Al Nouri, told Al-Qabas newspaper.
Al Nouri stressed the significance of a real estate arm as real estate became the most stable investment.
The top official revealed that NIC’s new real estate unit is set to start its operations in 2020.
Real estate investments’ share in NIC investment revenue increased to 15% from 9% during the last four years, Al Nouri stated, adding that the company is planning to increase it to 25% in the coming five years, supported by the board and executive management.
NIC has completed a feasibility study for the launch of Income REITS with a variable capital ranged between KWD 5 million and KWD 50 million, the senior VP announced.
It is worth noting that National Investments reported a 99.6% year-on-year profit decline during the third quarter of the fiscal year 2019. The company’s net profit reached KWD 13,000 ($43,000) in Q3-19.
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