Kuwait-based company Al-Nukhba has received an order worth $35 million to build a hotel at Basra International Airport in Iraq.
Sources reported that the hotel will be established according to the international Holiday Inn standards, and include 4 restaurants, swimming pools, meeting halls, a movie theatre and a business centre.
The project is scheduled to be completed in next 8 months.
Kuwait-based Al-Muthanna Investment Company has finally completed process of acquisition of the International Brokerage and Financial Markets Company for KD 15 million.
The acquired company is involved in diverse operations at the KSE, such as the forward deals, in addition to cooperation with the Kuwait Finance House for supplying clients with diverse services.
With the acquisition, Al-Muthanna has claimed that the deal has expanded scope of operations at Kuwait Stock Exchange (KSE).
The Kuwait Stock Exchange (KSE) Price Index failed to react positively on increasing oil prices and settled at 7,844.4 points (down 0.59%), with all sectoral indices losing territory.
The sources informed that telecom operator Zain has witnessed a slump of 5.47% (ending at KD1.380) on profit booking.
Al-Abraj Holding recorded the biggest profit as the stock ended up 9.26%.
Kuwait Finance House Bahrain, leading provider of Islamic commercial and investment banking services, has signed a cooperation agreement with Sinnad Company.
Under the arrangement, Sinnad Company will manage KFH Bahrain's network of ATM machines, and the production and personalization of its debit and credit cards, using EMV compliant chip-based smart cards.
Islamic lender Kuwait Finance House (KFH) has inked a US$450.0 million (US$1=RM3.49) JV pact with UDR Inc., a leading US-based real estate investment company.
The joint venture (JV) will seek to acquire high income residential real estate in major cities in the United States with total investments of up to $450 million.
However, the JV will target "A" class assets with a minimum of $20 million that are less than seven years old. The move is the latest in a string of recent investments from Gulf countries into Western real estate.
Wataniya, leading KUWAIT based mobile telecommunication company has declared second quarter results.
The company has informed that it has clocked more than double profit during the second three month period.
The company stated in a communiqué that its net income surged to KD63.5 million (Dh814m), or 126.74 fils a share, from KD26.5 million, or 52.97 fils, in the year-earlier period.
Rent rates in commercial real estate sector in Kuwaiti capital have witnessed a slump of 40% over last few months due to many factors, the most prominent of which is the fallout of international financial crisis.
The sources informed that market witnessed throughout July and the beginning of August a new decline in the price of offices rent per square metre, which had reached last year, before the crisis, its pinnacle of KD9 (Dh115) to KD16 per square metre.