Cityscape Kuwait to host free-to-attend seminars
Experts to reveal techniques to maximize ROI
KUWAIT: For the first time, those people interested in real estate investment, will have the opportunity to learn the techniques of how to build an international property portfolio, through free-to-attend seminars, as part of the upcoming Cityscape Kuwait. The event is held under the patronage of His Highness Sheikh Jaber Al-Mubarak Al-Hamad AlSabah, Prime Minister of the State of Kuwait, on 9 - 11 December 2015, at the Kuwait International Fairgrounds.
In addition to the local market, the Cityscape Kuwait Investment Series will also provide attendees with insights on those global real estate markets offering attractive opportunities for Kuwaiti investors. Particular focus will be on Turkey, UAE, UK, Germany, US and Saudi Arabia.
Shai Zamanian, Managing Director at STEP America, a forthcoming speaker this December explains “Investment symposiums like Cityscape become integral as global markets continue to expand. Established and now emerging investors need a forum in which to gain new market insight, exchange ideas on trade, and to prosper beyond established borders.”
Fellow speaker John Akthar, Director at Oxford Acquisitions concludes; “Cityscape Kuwait is the place to meet leaders in real estate, get advice that matters and discover investment opportunities.”
Alongside the Investment Series providing opportunities for investors, the Cityscape Kuwait Business Forum will be a platform for more than 200 industry decision makers and government to address pertinent issues for the Kuwait real estate market, including the impact of low oil prices on real estate, commercial property investment, REITS, and the latest investment opportunities by region and sector.
Chairman of the Kuwait Real Estate Union and confirmed speaker Tawfikh Al-Jarrah states; “The government of Kuwait has signed a $13 billion mega construction project to build a new refinery which is poised to create 45,000 new jobs.”
“The project has been in the pipeline for a long time, and once completed, the 615,000-barrel-a-day refinery will be the largest facility of its kind built in a single phase. The fact that it has finally been awarded shows a commitment to delivering on long-delayed projects. It is important that this momentum continues and progress is made with utilities, transport and housing programs.”
Public housing
Sharifa Al-Shalfan, Research Fellow at the London School of Economics Kuwait Program and another forthcoming speaker at the Business Forum agrees that the country’s real estate focus should now be on action. “As Kuwait faces an unprecedented waiting list for public housing, and other real estate unattainable to most, it becomes crucial to rethink its housing distribution policies and urban development approach for the future.”
Sharifa will be exploring Kuwaiti housing policies during her presentation on day one of the Business Forum, which is taking place on the 9th and 10th of December during the Cityscape Kuwait Exhibition.
The Forum is a chance for real estate developers, brokers, institutional investors and other relevant industry insiders to network, initiate new relationships, and enhance one’s knowledge, through key topics including the impact of the oil prices on Kuwait based real estate investments, a high profile issue made more problematic by the rising cost of raw materials.
But while Kuwait’s real estate industry has witnessed its share of challenges in 2015, viable sources maintain that the country compares favorably with other key GCC markets as it has managed to remain exempt from the kind of ‘levelling off’ that Saudi Arabia, Qatar and the UAE are currently experiencing.
Walid Al-Azzaz, Chief Executive Officer of Al-Enmaa Real Estate, explains: “The economic and political conditions have had a very negative impact on some real estate markets in the region, yet what distinguishes the local Kuwaiti real estate market from others in the Gulf region is that its main driver is the local investor.”
Kuwait’s potential is further boosted by it having the financial power to fulfil growing local demand for new developments. If it continues to deliver on major projects, experts predict that it could become the third largest market in the region within the next five years.
Cityscape Kuwait will take place at Kuwait International Fairgrounds on 911 December 2015, with the support of Official Banking Sponsor National Bank of Kuwait, Platinum Sponsor AlHamra Real Estate Development, and Gold Sponsors Al-Marjan Island and Al-Mazaya Holding Company. DUBAI: An international arbitration tribunal in London, ruling in a dispute that has lasted six years, ordered the Kurdistan Regional Government (KRG) in Iraq to pay $1.98 billion to a consortium including Dana Gas, the company said yesterday.
The tribunal of the London Court of International Arbitration directed that the payment be made within 28 days. The judgment is final, binding and internationally enforceable, Dana said in a statement to the Abu Dhabi stock exchange.
If enforced, the award could have a major impact on the fortunes of United Arab Emirates-based Dana and other natural gas firms operating in Iraqi Kurdistan, as well as on the KRG, whose finances have been strained by its fight against Islamic State militants.
Dana’s share price soared its 15 percent daily limit yesterday. Later in the day, however, the KRG issued its own statement saying Dana’s description of the ruling was misleading and incomplete.
“This is a partial award that does not finally determine all issues in the arbitration, and leaves many issues unresolved,” the KRG said, adding that it would continue pursuing claims against Dana and affiliates “in all appropriate fora”. The KRG added that it still had counter-claims worth over $3 billion against Dana, and that the tribunal would hear these claims in the next phase of arbitration.
In 2007, Kurdistan awarded Dana and the UAE’s Crescent Petroleum a 25-year deal to develop the Khor Mor and Chemchamal gas fields. Austria’s OMV and Hungary’s MOL subsequently each took 10 percent of the venture. But the project became entangled in a dispute over legal rights to the fields and allegations that the consortium had been underpaid for condensate and liquefied petroleum gas products supplied from Khor Mor.
The consortium filed an international arbitration case in London in October 2013. Legal action has also taken place in other courts; last week, Dana said the British High Court had ordered the KRG to pay the consortium $100 million within 14 days.
“The clear rights of the consortium to both fields for long-term development and production, including title, and of course payment, have now been confirmed beyond any doubt,” Majid Jafar, chief executive of Crescent and managing director of Dana’s board, told Reuters yesterday.
“After almost seven years delay caused by this unnecessary dispute, we hope that with respect for contract we will now finally be able to move forward and prevent further losses for all sides by developing these world class resources as originally envisaged for the benefit of Kurdistan and all of Iraq, as well as the wider region.” Dana said it had further, substantial damage claims for wrongfully delayed development of the gas fields that would be heard in 2016, along with the KRG’s counter-claims.
It said the consortium had so far invested over $1.2 billion in the project and produced the equivalent of over 150 million barrels of gas and petroleum liquids. —Reuters