By KUNA
Kuwait : Kuwait’s real estate company is about to sign two contracts for promoting property and tourist projects in the Sultanate of Oman and United Arab Emirates (UAE).
“Al-Seraj Al-Munir” will promote all kinds of real estate in different Gulf countries and even in the Kuwaiti market, Alaa Bahbahani, director-general of the company, told a news conference on Saturday.
The company is presently negotiating with a Bahraini real estate development company to promote a number of housing and trade centers in Bahrain, he said.
The company has also almost taken final steps to sign a contract with a European property promotion company in order to market several villas in a golf project at a total cost of 300 million euros, Bahbahani added.
On investment in Oman, the real estate market in the Sultanate has recently seen a major boom in diverse property sectors sultanate-wide, including a surge in the number of local and Gulf investors.
The housing and trade land sector in Muscat has grown up by 85 percent thanks to a governmental decision to allow investors to build more floors than it was earlier applied at some areas, he said.
Nearly 15 petrochemical, iron, steel, aluminum and perfume plants will be built by the end of 2008 at Sahar area, a confluence point between the UAE and Oman, he added.