Seven Kuwaiti real estate titans shine on Forbes list
KUWAIT CITY, April 19: Forbes has named seven Kuwaitis among the most influential real estate leaders in the Middle East for 2025, reports Al-Seyassah daily. At the top of the list for Kuwaitis is the CEO of Mabanee Real Estate Company Waleed Khaled Alsharian, who ranked 27th overall on the list. Alsharian has led Mabanee since 2006, and under his leadership, the company, which has been listed on the Kuwait Stock Exchange since 1999, has completed notable projects such as The Avenues, Hilton Garden Inn, and Waldorf Astoria. In 2024, Mabanee's assets were valued at around $5.1 billion, generating revenues of $431.1 million. Vice Chairman and CEO of Kuwait Real Estate Company Talal Jassem Al-Bahar ranked second among Kuwaitis and 42nd overall on Forbes' list.
Kuwait Real Estate Company was the first real estate firm to be listed on the Kuwait Stock Exchange in 1984. As of 2024, the company's assets were valued at $1.4 billion, with profits reaching $41.5 million. Vice Chairman and CEO of National Real Estate Company Faisal Jameel Al-Essa ranked third among Kuwaitis and 44th on the list. Al-Essa has led the company since 2018.
In the first nine months of 2024, National Real Estate Company reported revenues of $56.8 million, with assets totaling $1.8 billion as of September 2024. CEO of Commercial Real Estate Company Abdulmutaleb Marafie ranked fourth among Kuwaitis and 51st overall on the Forbes' list. The company owns major projects in Kuwait, including the Al-Tijaria Tower and the Symphony Style Hotel and Complex. In 2024, Commercial Real Estate Company reported revenues of $101.6 million, with assets totaling $1.9 billion. CEO of Al-Salhiya Real Estate Company Abdulaziz Ghazi Alnafisi ranked fifth among Kuwaitis and 56th overall on the Forbes' list. Al-Nafisi took on his current role in 2022 after serving as Executive Vice President since 2006.
As of March 2025, the company's total assets were valued at $1.7 billion, with a market capitalization of $780.2 million. Vice Chairman and CEO of Al- Argan International Real Estate Company Khalid Al-Mashaan ranked sixth among Kuwaitis and 81st overall on the Forbes' list. Al-Mashaan founded Al-Argan in 1994. As of 2024, the company's assets totaled $847.4 million, with profits reaching $6.9 million. Vice Chairman and CEO of Argan Kuwait Real Estate Company Abdulrahman Hamad Al-Terkait ranked seventh among Kuwaitis and 97th on the list. Al-Tikrit joined the company in 2016, and in 2024, Argan Kuwait Real Estate Company reported revenues of $29.5 million.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab Times
9 hours ago
- Arab Times
Sacrificial sheep price falls, demand remains sluggish
KUWAIT CITY, June 4: Although prices of sacrificial sheep have dropped compared to last year and demand is expected to increase ahead of Eid Al-Adha, the market remains sluggish despite a growing trend of online purchases. In an interview with the newspaper, citizen Fahd Al-Mutairi said he noticed that most Kuwaitis still prefer to buy local sheep, even though they are more expensive than imported varieties. He disclosed that he surveyed several sellers before making a purchase and found that prices for local sheep range between KD165 and KD175. However, he criticized the lack of price regulation, describing the pricing as 'arbitrary,' with some local sheep selling for as low as KD160. Sheep trader Abu Mutab, also a citizen, confirmed that prices have declined by about 10 percent compared to last year. He attributed the dip to the recent closure of the Kabad livestock market due to the spread of a virus in some cattle farms. He clarified that although the disease affected cows and not sheep, and despite repeated assurances from the Food Authority that it poses no risk to consumers, the temporary closure has disrupted supply and undermined confidence in the market. He expects a slight increase in prices closer to Eid Al-Adha, particularly by Wednesday and Thursday, pointing out that just a month ago, prices were approximately 10 percent higher. He also voiced concern about the surge in online sheep sales; many of which, he claimed, are conducted by unlicensed sellers. While online shopping is convenient for many customers, he warned that it can be misleading, especially for buyers unfamiliar with sheep breeds. He cautioned that some sellers may falsely market imported sheep as local, potentially deceiving customers. He called on regulatory authorities to intensify oversight of online livestock sales to protect both the market and consumers. Another citizen, who identified himself as Butarki, disclosed that he makes it a point to buy his sacrificial sheep from the Kabad livestock market every year. He observed that prices this year are noticeably lower than last year, which he attributed to what he described as a general lack of interest from citizens in purchasing sheep this season. Bu Faisal, a livestock farm owner, affirmed that the price of local sheep tends to fluctuate based on the cost of animal feed. He said this year's price decline is largely due to the abundance of various types of sheep currently available in the local market. He cited another factor -- the noticeable reluctance of charitable organizations and committees to purchase sacrificial animals for donation this year, which has led to an oversupply. He explained that prices are also influenced by seasonal dynamics, such as many citizens choosing to travel abroad during the Eid holiday; thereby, reducing local demand. He added that pricing can vary depending on the market's location, with some areas commanding higher prices than others. He echoed concerns over online sales, saying that the prevalence of online sheep sellers has played a major role in pushing prices down this season. He stressed that fluctuations in feed prices and labor costs remain critical factors that influence the cost of local sheep in particular. With Eid al-Adha approaching, the Kabad sheep market is witnessing a slowdown and decline in prices compared to last year. The staff of the newspaper toured the market, where both traders and citizens expressed expectations that prices may rise slightly as the Day of Arafat nears. Still, the overall sentiment remains one of stagnation, with many pointing to the surge in online sheep sales as a major contributor to the current downturn. Bilal Al-Din, a trader specializing in Saudi sheep, said prices currently range from KD166 to KD175 with weights between 28 and 35 kilograms. He pointed out that prices are roughly KD10 lower than they were two months ago. Sheep seller Mizan Rahman stated that he exclusively sells Iraqi sheep for KD110. He revealed that local sheep are priced between KD170 and KD175, Syrian sheep between KD140 and KD145, and Iranian sheep from KD95 to KD100. Similarly, trader Mubarak Al-Ali disclosed that he deals only in Iranian sheep, priced at KD95 to KD100; indicating that most of his customers are Iranians and other expatriates who often choose more affordable options compared to the higher-priced local or other Arab breeds. Sheep seller Abdul Hamid Hussein corroborated this view, saying local sheep are sold for between KD160 and KD170, with Saudi sheep only slightly cheaper. He added that prices are expected to rise automatically on the Day of Arafat due to increased demand, revealing that the weights at his store range from 25 to 30 kilograms.
Arab Times
a day ago
- Arab Times
‘Kuwait-China inked MoUs, projects on steady track'
KUWAIT CITY, June 3: Assistant Foreign Minister for Asian Affairs Ambassador Samih Johar Hayat confirmed that the implementation of the agreements and memoranda of understanding signed by Kuwait and China is proceeding steadily. Hayat made the statement to reporters on the sidelines of an official farewell ceremony to mark the end of the tenure of Chinese Ambassador to Kuwait Zhang Jianwei. Several senior officials, ambassadors and diplomats; including Minister of State for Economic Affairs and Investment Noura Al- Fassam and Undersecretary of the Ministry of Defense Sheikh Dr. Abdullah Al-Sabah attended the event. Hayat disclosed that cooperation, consultation and coordination between the governments of the two countries continue on a daily basis -- both with the Chinese leadership and the Chinese ambassador to Kuwait -- and that things are progressing well. Mega Projects He revealed there are six major development projects called the 'Mega Projects,' which are being implemented jointly by the government and the Chinese companies. 'These are government-to-government projects. We are moving forward to implement all the agreements signed with China,' he confirmed. He said His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Sabah, His Highness the Prime Minister Sheikh Ahmad Abdullah Al-Ahmad and the concerned ministers fully support these projects. He added that daily reports regarding any step taken with China are submitted to the leadership. On the possibility of Kuwait reciprocating China's one-year visa waiver for Kuwaitis, he asserted, 'this is not new. We signed an agreement with China in 2014, exempting holders of Chinese diplomatic, special, official and service passports from visa requirements, while Kuwaitis hold diplomatic and special passports.' He disclosed that His Highness the Crown Prince was informed about the new Chinese initiative during his meeting with the Chinese Premier on the sidelines of the GCC-ASEANChina Summit. He stated that His Highness met with the heads of delegations at the summit, where the Chinese Premier told His Highness: 'Given the daily growth of our strategic relations, we would like to offer this exemption to Kuwaitis for a trial period of one year.' He said Kuwait is studying this matter to have a memorandum of understanding to regulate the exemption for ordinary Kuwaiti and Chinese passports. Regarding His Highness the Crown Prince's visit to Japan, Hayat stressed, 'it was a historic visit that embodied the mutual trust between the leaderships and governments of the two countries. During this visit, bilateral relations were elevated to the level of comprehensive strategic relations.' He believes this will open the door for the two governments to develop their relations and implement the five agreements signed on the sidelines of the visit. He disclosed there are more than 30 memoranda of understanding signed with Japan that will be implemented soon. Addressing those present at the event, Hayat said 'we bid farewell to the Chinese Ambassador after a busy period in serving the bilateral relations between the two countries. I am honored to convey the greetings of Minister of Foreign Affairs Abdullah Al-Yahya, whom I represent at this ceremony, as well as the greetings of Deputy Foreign Minister Ambassador Sheikh Jarrah Al-Jaber Al-Sabah, the assistant foreign ministers, and all the Ministry of Foreign Affairs staff.' Progress On the other hand, Jianwei stated 'over the past three years, bilateral relations with Kuwait have made tangible progress, especially in the implementation of agreements. We will work with the Kuwaiti side to implement these agreements, especially since we have noted with pleasure that some projects, such as Mubarak Al-Kabeer Port, have made significant progress and are now well underway, thanks to the close cooperation between China and Kuwait.' On whether construction has resumed at Mubarak Al-Kabeer Port, he disclosed 'the Mubarak Al-Kabeer Port has entered the design and construction phase, and work will continue, because this is a very large project that requires a feasibility study. The designs are precise. Now, the first phase of the designs has begun. We are optimistic about the future of our cooperation on projects and in other sectors.' About the timing of the Mubarak Al-Kabeer Port project, he pointed out 'major projects take time and years to implement. I believe that through close cooperation between the two countries, the project will proceed smoothly.' He also expressed his happiness over China's recent decision to exempt Kuwaiti citizens from entry visas, describing it as good news that refl ects the strength of the relationship.
Arab Times
2 days ago
- Arab Times
DGCA To Ban False Travel Info For Visa Applications
KUWAIT CITY, June 2: The Directorate General of Civil Aviation (DGCA) intends to issue a circular to tourism and travel agencies prohibiting the provision of false and unverified information about accommodations and hotel reservations to complete the necessary information for obtaining entry visas (especially Schengen), say reliable sources. Sources warned that providing incorrect information regarding travel tickets and accommodations prompts embassies to take action, such as refusing to issue visas due to inaccurate information. Sources said such action could affect the credibility of Kuwaitis and the commercial sector in the country when dealing with foreign embassies. Sources stressed the need to comply with the laws, regulations, and circulars issued by the DGCA on this matter, indicating all the necessary legal measures will be taken to regulate the air transport market in the country.
