Tawfeeq Al-Jarrah, Chairman of the Board and Managing Director of the Kuwait Commercial Markets Complex (KCMC), a real estate and construction firm with investments across the Gulf and Levant, said that the company is proceeding with its plans to implement its vital projects in Kuwait, Oman, Saudi Arabia, Lebanon and Qatar in pursuance of its strategy which is based on long-range partnerships with governments, businesses and investors, in its bid to for further expansion at the regional level.
At a press conference held at the Dubai Financial Market (DFM) yesterday on the occasion of listing the company on the Exchange, Al-Jarrah said that the company is working on implementing projects and investing in others, worth some US$1.5 billion.
He added that these projects are implemented through strategic partnerships with allied companies in Kuwait and the whole region. These projects aim at developing the regional and contribute to bolstering infrastructures in tourism, hotels and shopping centers.
On the listing of the company on the Dubai Stock Exchange, Al-Jarraah said: “The United Arab Emirates has been exemplary in luring Gulf companies to list in the Dubai or Abu Dhabi’s stock exchanges.” He indicated that the listing process aims at expanding company investor bases and providing them with a variety of investment opportunities.
“Kuwait Commercial Markets Complex has great confidence in the political, economic and legislative structures of the UAE, which ultimately contributes the confidence of our share holders and protects their interests.”
Al-Jarraah also stated that the listing of Kuwait Commercial Markets Complex on the Dubai Financial Market provides the company with credibility and further development, contributing to the success of its expansion effort across the region. He also indicated that the company is strengthening its presence in the region which requires more investment since the GCC countries have formed a single block. This entails an increase in listing on more stock markets, opening more branches and entering into joint ventures in order to establish Gulf unity and accomplish company goals and those of their stock holders.
Responding to questions about the company and its activities, Al-Jarrah said that the company has a good operational record, enjoys a prestigious standing among its peers and strives to achieve rewarding and sustainable returns to its stock holders, away from risky investments. He also indicated that the company did not suffer from the sharp fluctuations of the Kuwait Stock Exchange of 2006.
Al-Jarraah also made it clear that the company is considered in compliance with Islamic Sharia Law, and international standards, and has therefore struck a fine balance between them. He pointed out that the company is implementing a promising plan to become a fully compliant with Islamic Sharia Law.
The company, he added, was established in 1982 and listed on the Kuwait Stock Exchange in 1983. It has now more than 40,000 stock holders, worth some KD45 million (US$150 million), and its assets are worth KD100 million (US$350 million). It is also considered a leading company in amusement parks, hotels, tourism and legacy shopping centers. It has also accumulated fine experiences over the past 25 years since its inception.
The company owns a group of successful firms in Kuwait with an outstanding operational record. These include six large amusement parks, fully equipped and provided with all the pertinent services. The company also has a number of shopping centers and malls in Kuwait and a tourist resort that includes a hotel, villas and other complementary services. Additionally, the company has large under-construction investments in Saudi Arabia, worth some KD450 million (US$1,575 million).
The company further possesses a group of large real-estate and amusement projects in the Kingdom of Bahrain, in addition to sizeable amusement investments in Oman, and other investment projects in Qatar, the Lebanon and strategic partners in the UAE.
