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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

The Kuwaiti company plans to revamp and promote the residential project, which includes 12 buildings and 28 villas.
The Kuwaiti company plans to revamp and promote the residential project, which includes 12 buildings and 28 villas.

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.

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Construction Week - Issue 761
Mar 21, 2020