An initial agreement was signed between Aqar Real Estate Investments Company and Al-Mal Real Estate for the establishment of a real estate company with a capital worth of 13.5 million Kuwaiti Dinars ($46 million), reported the Kuwaiti newspaper, Al-Watan (September 15, 2005).
The aim of the new company is to invest in a real estate project in the Martyrs Street in al-Sharq area, which includes offices on a 3,000 square meters area. Aqar's holdings in the new project are put at 33.3%, while Al-Mal's share is 66.6%.
It should be mentioned that Al-Mal gained record profits during the first half of 2005, 122% up compared to the equivalent period of last year. As for Aqar Real Estate Investments Company it was established in April 1997 with a capital of 20 million Kuwaiti Dinars ($68 million) and was registered in the Kuwaiti stock exchange earlier this year.
