Kuwaiti company invests nearly $1 billion in Sharjah real estate project

Kuwait Real Estate Company announced on Sunday the launch of the Tai Hills project in the Emirate of Sharjah in the United Arab Emirates, with a total value of 3.5 billion dirhams ($953 million), and an area of ​​six million square feet.

The company said in a statement to the Kuwaiti Stock Exchange that the project contains 1,100 residential units.

In June, Kuwait Real Estate signed a contract with IFA Hotels and Resorts Company, whereby IFA Hotels Company will develop, design, implement and market the project, which is located on land owned by Kuwait Real Estate Company.

Kuwait Real Estate Company said that the financial impact of the Tai Hills project depends on the number of residential unit sales, expecting total profits from it to reach between 80 million and 90 million Kuwaiti dinars ($258-291 million) over a period of five years.

In the same context, Arzan Financial Group for Financing and Investment announced, in a disclosure to the Kuwait Stock Exchange, that it owns 5 percent of the Tilal Al-Tayy project, expecting the value of its share of profits in the total profits of the project to reach between five million and six million Kuwaiti dinars over the next five years.