Kuwait sets up three real estate companiesSeptember 1st, 2008 - 5:08 pm ICT by IANS
Dubai, Sep 1 (IANS) The Kuwaiti government has set up three companies in the real estate sector with a combined total of 9 million Kuwaiti dinars ($33.6 million).The Al-Marzam real estate company is a closed company at KD5 million ($18.7 million) capital distributed into 50 million shares, with 100 fils per share, the state-run Kuwait News Agency (KUNA) reported. One thousand fils make KD1 ($3.73).
The second company, Al-Tadawol Gulf real estate company, was set up at KD1 million ($3.73 million) capital, distributed into 10 million shares, with 100 fils per share.
It will be involved in buying, selling and developing real estate and preparing studies and providing consultation in the sector.
The third company, Al-Waha holding, was set up at KD3 million ($11.2 million) capital, distributed into 30 million shares, each worth 100 fils.
This company will specialize in owning shares of Kuwaiti and foreign companies, KUNA said.