Kuwait based 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 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.
Al Nouri also stated that Real estate investments’ share in NIC investment revenue increased to 15% from 9% during the last four years, 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, announced the senior vice president.
National Investments Company reported a profit of KD 9.25 million in the first 9 months of this year, compared to a profit of KD 8.41 million for the same period last year, with a profit increase of 10%.