Al-Tijaria, CSCEC sign strategic MOU with to collaborate on govt-tendered projects
Eng Abdulmutaleb Marafie, CEO of Al Tijaria Real Estate Company and Ji Tao, General Manager of CSCEC in Kuwait.
KUWAIT: The Commercial Real Estate Company (Al-Tijaria), one of Kuwait's leading real estate companies, has signed a Memorandum of Understanding (MOU) with China State Construction Engineering Corporation Ltd (CSCEC), a global construction giant based in China, to jointly explore and collaborate on a range of strategically selected development projects tendered by governmental authorities in Kuwait.
This agreement establishes the framework for collaborative efforts in conducting technical and financial feasibility studies during the bidding phase with CSCEC, who will perform these services in the capacity of the prospective construction contractor, subject to the viability of the project and the successful award of the contract. The partnership also outlines a framework for CSCEC to potentially invest in the projects alongside Al-Tijaria—subject to regulatory and authority approvals. CSCEC, in its capacity as the contractor, may also extend its support by introducing potential lenders to facilitate project financing arrangements on competitive terms.
CEO of Al-Tijaria, Eng. Abdulmutaleb Marafie, commented: 'This MOU marks a significant step in our strategy to engage in public-private development opportunities in Kuwait. Partnering with CSCEC enables us to strengthen our technical and financial preparation during the bidding process and the execution upon award. Their global expertise and strong regional presence support our vision to develop large-scale real estate projects aligned with Kuwait Vision 2040. We are proud to work alongside one of the world's largest and most capable engineering and contracting firms.'
Ji Tao, General Manager of CSCEC in Kuwait, stated: 'We are honored to collaborate with Al-Tijaria, a pioneer in Kuwait's real estate sector. Our goal is to share our global experience and technical capabilities to support the success of development projects in Kuwait and contribute to the goals of Kuwait Vision 2035. Al-Tijaria's strong market presence and proven track record make it a highly capable partner for such ongoing development initiatives' Al-Tijaria and CSCEC will continue to collaborate in good faith throughout the preparatory and bidding phases followed by implementation, in the best interest of shareholders and in alignment with applicable regulatory requirements.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kuwait Times
14 hours ago
- Kuwait Times
Gulf Bank, KFF raise awareness for fire prevention, safety
Group photo with fire officials after the awareness workshop. KUWAIT: As part of its ongoing commitment to promoting safety awareness, Gulf Bank recently organized a fire safety awareness workshop for its employees, in collaboration with the Kuwait Fire Force (KFF). The session was led by Major Mohammed Aseeri from the General Department of Public Relations and Media, who addressed several key topics related to safety procedures, emergency response strategies, and fire prevention methods in enclosed spaces. The workshop covered essential information about the most common causes of fires and how to prevent them. It also highlighted the proper actions to take in the event of a fire until emergency teams arrive on site. Emphasis was placed on the importance of quick and informed responses, as well as the correct use of safety equipment available on the premises. Major Mohammed Aseeri explains to bank employees about the causes of the fires. This initiative reflects Gulf Bank's ongoing commitment to maintaining a safe and healthy workplace, while enhancing employee awareness on how to respond effectively in emergency situations, in collaboration with official safety authorities. Towards the end of the session, Gulf Bank presented a commemorative plaque to the representatives of the Kuwait Fire Force, in recognition of their crucial role in protecting the community and their courageous efforts in safeguarding lives and property. Gulf Bank aims to be Kuwait's leading bank, fostering a diverse and inclusive workplace to deliver exceptional customer service while contributing sustainably to the community. Through its extensive branch network and innovative digital services, the Bank empowers customers to conduct banking transactions conveniently and efficiently, ensuring a seamless experience. In alignment with Kuwait Vision 2035, 'New Kuwait,' and its commitment to fostering collaborative partnerships, Gulf Bank is dedicated to driving robust sustainability initiatives across environmental, social, and governance (ESG) dimensions. The Bank is committed to implementing strategically selected and diverse sustainability programs both internally and externally.
Kuwait Times
14 hours ago
- Kuwait Times
Style or security? How culture shapes gold buying habits in Kuwait
Every community has its go-to gold, affected by tradition, resale value, aesthetics KUWAIT: As Eid approaches, it's easy to notice how different gold markets draw in people with different nationalities. According to local jewelers, one key factor drives these preferences: karat - the measure of gold's purity mixed with other metals. The availability of certain karats across shops not only impacts price, but also influences the jewelry's color, strength and the styles favored by each community. 'Each country tends to have its own distinct preference for gold karat,' said Ahmad Gad, a jeweler at Al-Mubarakiya Gold Souq, one of the most popular markets among diverse nationalities in Kuwait. He broke down the three most common karats in Kuwait and who typically prefers each: 'Indians usually go for the rich yellow of 22K gold. Arabs lean toward 21K for its shine. As for 18K, which has a softer glow, it's often chosen by people who like European styles — Filipinos, for example.' Ahmad Gad, a jeweler in Kuwait. A vendor shows a gold necklace to a customer at the gold exhibition. The Indian favorite Indian buyers are especially drawn to 22K gold, valuing both its high purity and cultural significance. 'For Indians, what matters most is purity. If it were practical, they'd choose 24K - but it's too soft for jewelry,' said Ayoub, an Indian gold salesman who has worked in Kuwait for seven years. Pure 24-karat gold, considered 100 percent gold, is typically reserved for bars and coins, as its softness makes it unsuitable for wearable, intricately designed jewelry. To increase durability, gold is alloyed with other metals, resulting in lower karats: 22K gold contains 91.7 percent pure gold, and is ideal for the ornate, heavily detailed pieces typical in Indian culture. 'Our classic Indian pieces can only be made with 22K,' said Naresh Kumar, a jeweler at Souq Al Wataniya in Kuwait City, which mainly serves Indian and Bengali customers. 'It's also the standard karat in India, so it's easier to resell there.' Gad added, 'Every community prefers gold that can be resold easily in their home country.' Smart investment Despite its cultural significance, 22K gold is less commonly stocked in Kuwait compared to 21K. You'll find 21K gold widely available in popular markets like Al-Mubarakiya, Hawally, Salmiya and Farwaniya. According to jewelers, 21K is the most sought-after karat among Arabs. With 87.5% purity, it offers a sweet spot between visual beauty and long-term value. '21K is ideal for those who want a beautiful ornament that also holds its value,' said Gad. 'It has a higher resale price compared to lower karats, especially if it's locally made Kuwaiti gold, free of decorative cloves.' Kuwait is known for its high-quality 21K gold, thanks in part to strong trade ties with the UAE, home to some of the Gulf's most skilled goldsmiths. This partnership enables Kuwait to import a wide variety of 21K designs in large quantities. Elegant, but less valuable By contrast, 18K gold is found in smaller quantities across Kuwait, mostly in the Salmiya Gold Souq, which caters largely to Filipino buyers. While 18K contains 75 percent pure gold and is often used for dainty, European-style pieces, jewelers say it carries the highest making charges and offers weaker resale value, making it less appealing to investment-focused shoppers. 'The lower the gold's karat, the harder it is to mold,' explained Kumar. 'Working with low karats like 18K takes more time and precision, which increases labor costs.' That added labor is reflected in the making charge — a markup applied to the price of gold per gram for craftsmanship, which doesn't contribute to the resale value. Still, 18K remains the go-to for many Filipino shoppers and others who prioritize aesthetics over return value. 'I prefer 18K because it's simpler and more elegant,' said Rachel, a Filipino customer. 'The higher-karat designs are too loud - too madame. Unlike 18K pieces which I can easily stack and wear daily without feeling it's too much. For many, gold is more than a fashion statement - it's financial security. 'Gold is the most affordable investment for me right now. Instead of wasting money, I buy gold. It's like my money is still there, just preserved in a different form,' said Nada Dawod, an Egyptian gold enthusiast. 'When I was younger, I loved 18K gold,' she said. 'But once I started buying gold with my own money, I switched to 21K. It has better resale value and comes with a lower making charge. Even if I like a design in 18K, I try to find a similar one in 21K.'
Arab Times
a day ago
- Arab Times
Citizen blasts opaque debt campaign, files court case
KUWAIT CITY, June 4: The Court of First Instance received a new case filed by a Kuwaiti citizen who has demanded full disclosure of the distribution and beneficiaries of donations totaling millions of dinars collected by the national campaign for refunding debtors' loans. Lawyer Reem Al-Baghdadi, representing the aggrieved citizen, requested detailed information on debt repayment records, the disbursement process, and the list of beneficiaries. She explained that her client was extremely surprised to be excluded from the current debtors' campaign beneficiary list, despite not having applied for any previous campaigns. An investigation revealed that the committee overseeing one of the previous campaigns had paid the government a fee of KD 10 owed by the citizen, based on a request from the Ministry of Justice. Her client was unaware of this payment and that his name had been included in the previous campaign's beneficiary list without his knowledge. Despite being able to pay the KD 10 fee himself, he applied to register in the latest campaign due to a large debt he could not afford to repay. Lawyer Al-Baghdadi emphasized that the purpose of this lawsuit is to clarify the mechanisms of the debtors' campaigns, ensuring transparency and fairness so that aid reaches those truly entitled to it based on clear and just criteria.
