Latest news with #Kuwaiti-based
Zawya
28-04-2025
- Business
- Zawya
Spetco wins $415mln Kuwait oil deal
Kuwaiti-based Spetco International Petroleum Company has won a contract for the construction of Jurassic oil production facilities and a sulfur treatment unit in Kuwait, press reports said on Monday. The value of the contract is around KWD126.5 million ($415 million) and it also comprises the installation of pressure control systems at the oil site in North Kuwait, the Arabic language daily Alanba said. It quoted oil sources in the Gulf emirate as saying the Central Agency for Public Tenders has approved a request by the state-owned Kuwait Oil Company to award the project to Spetco. 'Spetco was awarded the contract after it submitted the lowest bid for the project in KOC's Jurassic production facilities in North Kuwait,' it said. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
ME Construction
25-03-2025
- Business
- ME Construction
Corinthia and Kuwaiti Action Real Estate company acquire properties in Beverly Hills
Property Corinthia and Kuwaiti Action Real Estate company acquire properties in Beverly Hills By The acquisition of the neighbouring Maison and Mosaic Hotels by the Action Corinthia joint venture, in which IHI plc owns a minority stake, is part of a broader strategy for the Beverly Hills market Corinthia Group, trading as IHI plc, announced its recently formed partnership with Action Real Estate Company of Kuwait has acquired two boutique hotel properties totalling 100 keys in Beverly Hills, California. The acquisition of the neighbouring Maison and Mosaic Hotels by the Action Corinthia joint venture, in which IHI plc owns a minority stake, is part of a broader strategy for the Beverly Hills market. The Corinthia Group's primary focus is on high-end real estate projects and operations. Last December, the group announced a strategic partnership with Kuwaiti-based Action Real Estate Company to explore investment opportunities in luxury hotels and real estate at prime locations across the Americas and beyond. Simon Naudi, Corinthia Group CEO said, 'This is an important step forward for Corinthia. Beverly Hills is one of the world's foremost hospitality destinations and we are determined to add value and create luxury products and services to the benefit of the local community and our Corinthia brand's global positioning.' Action Real Estate Company Chairman Sheikh Mubarak A. M. Al Sabah said, 'We are thrilled to announce our entry into the prestigious Beverly Hills market, marking a significant milestone in our strategic partnership with Corinthia. As a company with a strong track record in global real estate and hospitality investments, this transaction represents an exciting new chapter for us. With decades of experience in markets around the world, including Europe, the Middle East, and Asia Pacific, we are now expanding into the United States, which remains a key market for future growth and innovation.' The hotels will be operated in the immediate term by a specialist Los Angeles operator Palisociety under current branding arrangements, under the supervision of Corinthia's development arm Corinthia Real Estate Ventures (C-REV) and its Managing Partners Marcus Pisani and Alex Chazkel. C-REV will also handle asset management and explore opportunities for future value creation. Corinthia marked its entrance into North America as a hotel operator with the opening of The Surrey, A Corinthia Hotel in New York, which has been transformed into a signature property featuring 100 guestrooms and suites and 14 private residences, bringing a new design and luxury experience to the Upper East Side of Manhattan. The group said it also recently completed the redevelopment of Brussels' historic Grand Hotel Astoria, following a rebuild and restoration of the landmark property and announced plans to operate a landmark 102-storey hotel and residential project under development in Dubai.
Zawya
19-03-2025
- Business
- Zawya
Corinthia and Kuwaiti Action Real Estate Company acquire prime location properties in Beverly Hills
Corinthia Group, trading as IHI plc, announces that its recently formed partnership with Action Real Estate Company of Kuwait has acquired two boutique hotel properties totalling 100 keys in a prime location in Beverly Hills, California. The acquisition of the neighbouring Maison and Mosaic Hotels by the Action Corinthia joint venture, in which IHI plc owns a minority stake, is part of a broader strategy for the Beverly Hills market. Simon Naudi, Corinthia Group CEO, said: 'This is an important step forward for Corinthia. Beverly Hills is one of the world's foremost hospitality destinations and we are determined to add value and create luxury products and services to the benefit of the local community and our Corinthia brand's global positioning.' Action Real Estate Company Chairman Sheikh Mubarak A. M. Al Sabah said: 'We are thrilled to announce our entry into the prestigious Beverly Hills market, marking a significant milestone in our strategic partnership with Corinthia. As a company with a strong track record in global real estate and hospitality investments, this transaction represents an exciting new chapter for us. With decades of experience in markets around the world, including Europe, the Middle East, and Asia Pacific, we are now expanding into the United States, which remains a key market for future growth and innovation.' The hotels will be operated in the immediate term by a specialist Los Angeles operator Palisociety under current branding arrangements, under the supervision of Corinthia's development arm Corinthia Real Estate Ventures (C-REV) and its Managing Partners Marcus Pisani and Alex Chazkel. C-REV will also handle asset management and explore opportunities for future value creation. Corinthia Group operates globally and includes investment, development and operating arms, principally focused on high end real estate projects and operations. The Group announced last December that it had entered into a partnership with Kuwaiti-based conglomerate Action Real Estate Company to explore investment opportunities for luxury hotels and real estate at prime locations in the Americas and beyond. More recently, Corinthia marked its entrance into North America as a hotel operator with the opening of The Surrey, A Corinthia Hotel in New York, which has been transformed into a signature property – featuring 100 guestrooms and suites and 14 private residences – bringing a new design and luxury experience to one of the most coveted addresses on the Upper East Side of Manhattan. In other developments, the Group also recently completed the redevelopment of Brussels' historic Grand Hotel Astoria following an extensive €150 million rebuild and restoration of the landmark property, and, last week, announced plans to operate a landmark 102-storey hotel and residential project under development in the heart of Dubai. -Ends- For further information contact: Eve Williams StickyGinger ewilliams@ About Corinthia Group The Corinthia Group, trading as International Hotel Investments plc, is a publicly listed company founded in Malta in 1962. The Group owns, develops, and invests in real estate and hotel assets across Europe, the USA, Africa and the Middle East. Beyond its real estate portfolio, the Group owns Corinthia Hotels, an operating company that manages luxury hotels worldwide in gateway cities such as New York, London, Brussels and a healthy pipeline of locations under development. The Group's other subsidiaries specialise in project management, design and property development. About Action Real Estate Company Action Real Estate Company is an international real estate developer established in Kuwait in 2004, with a primary focus on real estate development, management, and hospitality. The company is a wholly-owned subsidiary of Action Group Holdings, a leading Kuwaiti conglomerate with diverse interests in investments, real estate, hospitality, IT, and energy. MEDIA CONTACT: Steve Mallia PR Strategist | Media Insiders E: smallia@ OR Ariadne Massa PR Strategist | Media Insiders E: amassa@
Zawya
07-03-2025
- Business
- Zawya
India emerges as top buyer of UAE LNG
India received more than half the UAE's LNG exports in the first nine months of 2024 while the rest were supplied to other Asian markets, an official report shows. All the LNG exports last year were from the gas treatment plant on Abu Dhabi's Das Island, which has a production capacity of around 5.8 million tonnes per year, said the report by the Kuwaiti-based Arab Energy Organization (AEO). The quarterly report published this week showed the Das LNG exports surged by nearly 13 percent to around 4.3 million tonnes in the first nine months of last year from about 3.8 million tonnes in the same period of 2023. India accounted for nearly 52 percent of the LNG exports in the first nine months of 2024 while Japan and China received 15 percent each, South Korea and Taiwan 6 percent each. The rest was exported to other Asian markets, according to the report. As for Qatar, it showed the Gulf country was the second largest LNG exporter last year after the US, with exports standing at nearly 60.1 million tonnes in the first nine months. (Writing by Nadim Kawach; Editing by Anoop Menon) (
