Al-Roudhan to decide on real estate panel proposal
Working on database to surmount obstacle
KUWAIT CITY, July 3: The real-estate committee recently agreed on the proposal to establish a special committee with representatives of Ministry of Commerce and Industry (MOCI) and Ministry of Foreign Affairs for studying the applications of property development companies which intend to enter Kuwait to either market properties or participate or engage in other aspects related to realestate sector, reports Al-Rai daily quoting informed sources.
They explained that such a committee will be permanent and will set several conditions which have to be met by the interested companies in order to operate in Kuwait. The work mechanism of the committee will include obtaining approval of Ministry of Commerce and Industry for some of the conditions.
From there, the application will be referred to Ministry of Foreign Affairs as well as the Kuwaiti embassy located in the country where the prospective company’s headquarters is located. The ministry will then decide whether or not to issue the necessary license for the company to operate in Kuwait.
The sources revealed that the proposal presented by the real estate committee is in the office of the Minister of Commerce and Industry Khaled Al-Roudhan in order for him to take suitable decision concerning the matter and issue an administrative circular regarding the formation of the committee and immediate start of its operations.
They indicated that the real-estate committee also sent a detailed report to Ministry of Foreign Affairs and Ministry of Commerce and Industry concerning the proposed organizational structure which will govern the foreign real-estate companies that want to operate in the local market.
The sources disclosed that the committee had conducted extensive study before referring the report to the concerned bodies, in order to regulate the real-estate market and avoid any problems that would lead to obstacles for the real estate companies, citizens or the regional investors.
They affirmed that the real estate committee is working on solving some issues and it will refer a detailed report to the Minister of Commerce and Industry on the evaluation of properties, ways to deal with residents and the need to find a mechanism for providing courses and training to the local property developers (residents) so that they can gain experience in the local, Gulf and global market.
The sources explained that the committee is setting up concepts and proposals, and working on solving obstacles for the database which electronically links the property department with other concerned bodies. Topping the list is the Property Registration Department in Ministry of Justice, General Department for Criminal Evidences in Ministry of Interior, Public Authority for Social Security, the real-estate union, the union of property brokers, and Public Authority for Civil Information.
The committee is currently looking into other files, such as cancellation of broker’s logbook, and establishment of e-registration, with the aim of limiting the work of e-property brokers. It is also working on reviewing decisions pertaining to the real-estate sector in the market.