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

Kuwait Projects Management (KPM) has successfully concluded talks to purchase a tourist residential project in Egyptian resort city of Sharm El-Sheikh, KPM’s vice chief executive Dani Khalil announced Monday.

The investment cost of the Egyptian project is worth 350 million Egyptian pounds ($39.5 million), Khalil told Amwal Al Ghad, asserting that the Kuwaiti company would re-promote and develop the project.

The project encompasses 12 buildings and 28 villas, KPM official said.

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, Khalil said.

The KPM official also referred to other negotiations to implement residential projects in the Fifth Settlement (New Cairo) or Sixth of October districts.

“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 this month.” Khalil said.

Through the Egyptian branch, KPM is set to carry out its ongoing and upcoming projects in the country as well as promote the company’s projects abroad, he noted.

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.