Major Gulf real estate firms rush to Kuwaiti market
KUWAIT CITY - Less than two weeks after the Council of Ministers approved a draft decree-law for amending certain provisions of Law No. 118/2023 regarding the establishment of companies to create, and economically develop cities or residential areas, also known as the 'Real Estate Developer Law', sources revealed that major Gulf real estate development companies are rushing into the Kuwaiti market to seize the opportunities presented by the new law.
They explained that some companies have already started studying the Kuwaiti market to assess available opportunities and the economic feasibility of entering the market. Meanwhile, several companies have already entered Kuwait, and have begun recruiting and building their organizational and legal structures to conduct operations. Among the companies entering the local market is a Saudi company (unnamed by the sources) listed on the Saudi Stock Exchange.
The sources confirmed that the total construction area developed by the company in Saudi Arabia exceeds 6 million square meters, in addition to a total of 18,000 housing units, some of which are still under construction.
They believe that the development of real estate and housing legislation in Kuwait, the government's commitment to reducing citizens' waiting time for housing, and the involvement of the private sector in resolving the housing issue have all paved the way for many real estate companies to enter the Kuwaiti market.
The sources emphasized that this will create real and intense competition, which will positively impact the quality and prices of housing units, as well as the services provided to citizens.
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