Kuwait: KPM eyes $39.5m Sharm El-Sheikh project
Kuwait-based KPM will inaugurate a new branch in Egypt in August due to an increase in real estate demand
Kuwait Projects Management (KPM) will buy a tourist residential project in Egypt’s Sharm El-Sheikh, its vice chief executive has revealed.
The investment cost of the development is worth $39.5m (EGP350m), Dani Khalil told Amwal Al Ghad.
The Kuwaiti company plans to revamp and promote the residential project, which includes 12 buildings and 28 villas.
He said: "We believe in the Egyptian real estate market, which is considered the second biggest market in the region after Saudi Arabia. That is why KPM will inaugurate a new branch in the country within the current month.”
KPM, Khalil said, is also in ongoing talks to carry out an $800m residential project in Egypt’s Alexandria.
According to Amwal Al Ghad, KPM owns eight projects on a global scale, with a focus on the tourism and hotel sector. The company’s total investment worth has reached $2bn, with a capital of $50m.