Kuwait reports real estate revenue of 3.4 per cent

Dubai: Real estate companies listed on Kuwait’s stock exchange collectively report operating revenues of $782 million (Dh2.8 billion), in the first half of this year, reflecting a 3.4 per cent increase from $756 million (Dh2.7 billion) in the same period of 2023.

This increase represents a gain of $258 million (Dh947 million) compared to the previous year.

Leading the sector was Mabanee Company, which achieved the highest operating revenues at $216 million (Dh793 million), up from $202 million (Dh741 million).

United Real Estate Company followed with revenues of $131 million (Dh481 million), a decrease from $140 million (Dh514 million).

Salhia Real Estate Company secured third place with revenues of $72.6 million (Dh266 million), an increase from $65.4 million (Dh240 million).

Kuwait Real Estate Company earned $51.7 million (Dh189 million), up from $48 million (Dh176 million), while Al-Tijaria Real Estate Company saw revenues of 15.5 million dinars, compared to 15 million dinars previously.

The most notable growth was seen in Ajyal Real Estate Entertainment Company, which achieved a 44.4 per cent increase, with revenues rising from $11 million (Dh40 million) to $ $16.3 million (Dh59.8 million).

Conversely, several companies faced revenue declines.

National Real Estate Company saw the largest drop, down 60.6 per cent to $8.5 million (Dh31.2 milion) from $21.6 million (Dh79 million).

Real Estate Trade Centres experienced a 47.6 per cent decrease, with revenues falling from $257,000 (Dh943,000) to $144,000 (Dh528,000).

Despite these challenges, the overall positive performance of the real estate sector underscores its continued growth and resilience.