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| 24 September, 2018

Kuwait's Ream Real Estate inks deal for $5.95mln projects

The deal involves the Panorama and Ream Tower projects

Image used for illustrative purpose. 
Sunset over the artificial lake at Al Shaheed Park with Kuwait City Skyline in the background, Kuwait City Kuwait - November 10, 2017.

IMAGE USED FOR ILLUSTRATIVE PURPOSE ONLY

Image used for illustrative purpose. Sunset over the artificial lake at Al Shaheed Park with Kuwait City Skyline in the background, Kuwait City Kuwait - November 10, 2017. IMAGE USED FOR ILLUSTRATIVE PURPOSE ONLY

Getty Images/Emad Aljumah

Kuwait - Ream Real Estate Company has signed a construction contract with United Emirates General Construction for the construction and maintenance of two of its projects.

The deal worth KWD 1.8 million ($5.95 million) involves the Panorama and Ream Tower projects.

Located in Kuwait’s Qibla area, Ream Tower, which the developer has the right to use, is expected to be completed within 525 days at a total cost of KWD 1.03 million, Ream said in a bourse filing.

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Meanwhile, Panorama, which is located in Abu Al Hassaniyah area, is slated for completion within 240 days at a total cost of KWD 775,000.

Ream Real Estate has already begun receiving renting applications for both projects including those from international companies, the company stated.

The Kuwait-listed developer last reported a 69.8% year-on-year drop in net profits to KWD 72,420 ($238,930) in the second quarter of 2018 from KWD 240,160 ($792,340).

Source: Mubasher

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