Kuwait’s KPM to develop $39.5 mln tourist project in Egypt’s Sharm El-Sheikh

Kuwait Projects Management (KPM) has successfully concluded talks to purchase a tourist residential project in Egypt’s Sharm El-Sheikh, according to KPM’s vice chief executive Dani Khalil.

The investment cost of the Egyptian project is worth 350 million Egyptian pounds ($39.5 million), Khalil told Amwal Al Ghad,

The project encompasses 12 buildings and 28 villas; in addition, the Kuwaiti company would re-promote and develop the project.

KPM owns eight projects in the local, regional and international markets focusing on tourism and hotel sector with total investment worth $ 2 billion and capital of $ 50 million.

“We believe in the Egyptian real estate market, which is considered the second biggest market in the region after Saudi Arabia. That is why KPM will inaugurate a new branch in the country within the current month.” Khalil said.

Khalil said that KPM is in ongoing talks to carry out a residential project in Alexandria, Egypt’s second biggest city, on a space of 8,000 metres, referring  to other negotiations to implement residential projects in the Fifth Settlement (New Cairo) or Sixth of October districts.

On the other hand, KPM is set to implement new tourist resort in Kuwait during three years with total investments worth $500 million.

Kuwait Projects Management (KPM) started its business in real estate marketing in 2000. Since established, KPM has adopted a policy based on providing various and distinctive services by securing several projects for different segments of its clients in many countries.

The company enjoys a good reputation in real estate business both in religious and family tourism. Through the achievements of its teamwork in marketing Rawdhat Alsafwa Project in Madina Munwara and AL Safa Tower in Mecca (KSA) and Nwaiseb Resort in the State of Kuwait.