Authorities seek to bring back normalcy to real estate sector
MPW to appoint 11 new directors, supervisors after Eid
KUWAIT CITY, June 20: Concerned authorities are working on bringing normalcy back to the real estate sector, after the past few years witnessed huge increases in the values of real estates due to cheating and manipulation as well as absence of monitoring and lack deterrent laws to prevent the interference of outsiders
and gatecrashers, reports Al-Shahed daily.
According to informed sources, Ministry of Finance has issued a decision to form a real-estate evaluation panel for reorganization of state properties project. It has categorized the functions of the panel into 12 tasks such as preparation of strategies for supplies and procurement which will form part of the database on transactions information.
Director of Real Estate Registration at Ministry of Justice Hiyam Al-Mahri was appointed as head of the six-member team which will work for three months.
Meanwhile, Kuwait AlYoum, the official gazette, has announced the establishment of Faiha International Real Estate Company as a Kuwaiti closed joint-stock company with a capital of KD30 million, reports AlSeyassah daily.
The activities of the company include buying, selling and developing real estate properties and land in and outside the country; in addition to buying and selling shares and bonds of real estate companies.
The company intends to conduct studies and offer consultation services in the real estate sector, including the management of hotels, health clubs and tourist facilities as well as the maintenance of buildings and other properties it owns.
Ministry of Public Works Undersecretary Eng Awatef AlGhunaim will appoint 11 new directors and supervisors after Eid Al-Fitr, reports Al-Anba daily quoting a reliable source.
The source affirmed that all vacancies in various departments and sectors will be filled, disclosing the undersecretary intends to issue a decision on internal transfer and reshuffle after obtaining approval from the Personnel Affairs Committee. This is in addition to the payment of allowances to eligible employees, the source said.
On the other hand, 17 employees who have been in service for 30 years or more will be referred for retirement in July as per the decision of the Civil Service Commission (CSC) on the compulsory retirement of these employees.
His Highness the Amir Sheikh Sabah Al-Ahmad Al-Sabah with HH Sheikh Nasser. His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on Tuesday received at Seif Palace His Highness Sheikh Nasser Al-Mohammad Al-Ahmad Al-Jaber Al-Sabah. (KUNA)