Al-Raya United to promote real estate development in Kuwait: CEO
KUWAIT: Al-Raya United Company held a press conference on Wednesday at AlSanabel Tower in Kuwait City. Jassim Al-Faji, CEO of Al-Raya company, said: “Al-Raya United has been established as a real estate and investment development company that supports the rapid economic development in Kuwait and the region and to stimulate the real estate and investment sectors by creating dynamic opportunities that are commensurate with the market situation.
Al-Faji continued: “The company is focused on the religious tourism sector and it is working to provide its services in full compliance with Islamic law where our services are to provide visas for Haj and Umrah services to our customers and continue our expansion plans since its establishment.
“Al-Raya is responsible for running all of its projects and to provide better service,” adding that the company has control over Jaddarah company to operate and market hotel rooms and units in the Kingdom of Saudi Arabia and abroad where Raya responsible for the ownership and construction of Jaddarah and its development, maintenance and operation of the processing of hotels, residential towers, and hotel apartments, and a high-quality staff were hired and they were selected carefully with a good experience in the hotels’ operating to follow up with hotels under the company’s management worldwide.
As for the branches of the company, he said: “Our main branch is in Kuwait and we have a branch in the Kingdom of Saudi Arabia and a branch in the Arab Republic of Egypt and a branch in the Republic of Turkey and Hungary.
He added that they have plans to expand in East of Asia, Eastern Europe, and Morroco in Africa. “We will continue our vertical expansion by opening new branches and projects in the markets we are currently in. We have expanded our horizons into new markets with a safe investment potential as we target Georgia, Europe, and Asian markets.”
As for the real estate market in Kuwait, he said: “We are looking forward to an optimistic outlook based on the reality and the strength of its construction. Real estate investment has been and is still the sector that can grow and regain its role and strength after every crisis or disorder experienced by the national economy. “The vision of Kuwait 2035 is an example that included in many of its main plans and programs that depend in one way or another on the real estate market,” adding that the rising index of ease of business will create competition domestically and attract foreign investment in real estate market.
Faji revealed that the occupancy rates in Al-Madinah- KSA in the first half of 2017 reached 49 percent, second half 59 percent and in 2018, 75 percent till the end of April and hopefully the occupancy rates will reach 80 percent in Makkah.