Kuwait's real estate assets reach $19.69bln in H1 2024, up 3.5%

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KUWAIT CITY - The value of assets held by real estate companies listed on the Kuwait Stock Exchange reached 6.02 billion dinars during the first half of 2024, an increase of 206 million dinars (3.5%) compared to 5.8 billion dinars during the same period in 2023. Meanwhile, the liabilities of these companies rose to 3.07 billion dinars, up by 223 million dinars (7.8%) from 2.85 billion dinars.

According to statistics compiled by Al-Jarida, real estate companies’ liabilities now represent about 48.9% of their total assets. Mabanee Company led the sector with the highest asset value at 1.45 billion dinars, up from 1.18 billion dinars, followed by United Real Estate Company with assets of 650.6 million dinars, down from 667.7 million dinars. Al-Tijaria Real Estate came in third with assets of 573.4 million dinars, up from 553.6 million dinars, while Salhia Real Estate Company held assets worth 523.1 million dinars, compared to 436.3 million dinars. The National Real Estate Company reported assets of 505.4 million dinars, down from 606.5 million dinars. Sanam Real Estate Company saw the most significant asset growth, increasing by 49.9% from 7.9 million dinars to 11.9 million dinars.

Mabanee Company followed with a 22.8% growth, and Osos Holding Company grew by 20.4%, reaching 20.1 million dinars from 16.7 million dinars. Salhia Real Estate Company grew by 19.8%, and Kuwait Business City Real Estate Company saw an 18.3% increase, rising from 89.6 million dinars to 106.1 million dinars. Conversely, Al-Masaken International Real Estate Development Company experienced the largest asset decline, falling by 34.6% from 19.2 million dinars in the first half of 2023 to 12.5 million dinars in 2024. Mazaya Holding Company followed with a 22.5% decrease, with assets dropping from 186 million dinars to 144 million dinars. Arabian Real Estate Company also saw a 16.9% decline, with assets decreasing from 135 million dinars to 112 million dinars. National Real Estate Company and Tamdeen Real Estate Company saw declines of 16.6% and 13.9%, respectively.

In terms of liabilities, Mabanee Company again led, with liabilities increasing to 741 million dinars from 517 million dinars. United Real Estate Company followed with liabilities of 455 million dinars, down from 476 million dinars. Salhia Real Estate Company’s liabilities reached 346 million dinars, up from 265 million dinars, and Al-Tijaria Real Estate Company saw liabilities rise to 257 million dinars from 243 million dinars. Kuwait Real Estate Company reported liabilities of 248 million dinars, up from 233 million dinars. Sanam Real Estate Company experienced the most significant growth in liabilities, increasing by 344% from 116,000 dinars to 516,000 dinars. Osos Holding Company saw liabilities grow by 51.5%, reaching 7 million dinars from 4.6 million dinars, while Mabanee Company’s liabilities increased by 43.2%. Kuwait Business City Real Estate Company’s liabilities rose by 33.7%, and Salhia Real Estate Company saw a 30.4% increase in liabilities.

On the other hand, Al-Masaken International Real Estate Development Company saw the largest decrease in liabilities, falling by 35.8% to 8.3 million dinars from 12.9 million dinars. Dalqan Real Estate Company followed with a 27.3% decrease, dropping from 2.3 million dinars to 1.7 million dinars. Mazaya Holding Company’s liabilities decreased by 26.5%, falling from 129.1 million dinars to 94.8 million dinars. Arabian Real Estate Company saw a 24.5% decrease, with liabilities dropping from 97.8 million dinars to 73.8 million dinars, while Munshaat Real Estate Projects saw a 16.7% decrease, with liabilities falling from 84.7 million dinars to 70.4 million dinars.