Real Estate & Construction

Real estate has long been a mainstay of Kuwait’s non-oil economy, while its construction industry is among the strongest in the region and a rising star in the non-oil economy, with its growing population, tightly regulated land market and wealthy populous all combining to fuel demand for new building. In 2014 the two industries together accounted for 10.6% of non-oil GDP. Although a range of factors, including lower oil prices, have affected growth projections across the GCC, Kuwait’s real estate sector is particularly well-poised to face lower prices, with residential the largest segment by both sales and number of transactions, with sales reaching $4.6bn in 2015.

This chapter contains interviews with Khaled Al Mashaan, Vice-Chairman and CEO, ALARGAN International Real Estate; Ahmad Kasem, Deputy CEO, United Real Estate Company; and Osama Jawad Bukhamseen, Executive Director, Bukhamseen Holding; and Chairman, Engineering Group.