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Al Benaa Real Estate PJSC has announced a joint venture agreement with Kuwait Commercial Markets Complex Co. (KCMCC) for setting up a real estate company.
The new company, called Al Shoula Properties, will be based in Abu Dhabi.
Initially targeting the UAE’s property sector and related markets, Al Shoula’s plans for the medium term include expansion, where opportunities arise, into global markets.
Al Shoula Properties will be a diversified real estate investment, development and management company. Its interests will range from managing duty free stores, exhibition centres and commercial and industrial properties, to running real estate exhibitions. Other activities will include organizing exhibitions for real estate projects undertaken by the company.
Senior management is also looking at the representation of international real estate firms, covering the UAE and GCC markets at first, later expanding globally. An equally exciting aspect of Al Shoula’s strategic business plan is involvement in bond of real state companies locally and internationally.
Given KCMCC’s experience in large scale projects and financing, Al Shoula will have the kind of capabilities necessary in this area. Al Shoula will have access to Islamic financing vehicles and its links to powerful capital sources.
Al Shoula will be able to utilise Al Benaa’s property and facilities management expertise, and the involvement of KCMCC will provide exciting new resources.
As Abu Dhabi’s economy diversifies and attracts increasing international attention, Al Shoula combination of local market access and a varied skills set is ideal.
Noura Jasim Al Nowais, CEO of Al Benaa’s comments : "When you look at what is happening here in Abu Dhabi today, there are so many business areas of opportunity. Forming Al Shoula Properties is a natural progression for us, and fits our strategy: we are an investor and a vehicle for other investors.
’’We provide complete real estate solution to meet Abu Dhabi plan requirement while generating strong long-term ROI for our investors. Al Shoula will enable us to offer a broader service portfolio, targeting growth areas. In addition, we feel it will be exciting to work with a company of KCMCC’s experience and strength." Many observers see Abu Dhabi as a favoured investment destination already; others believe that the best years are yet to come. Al Shoula Properties is well positioned from both points of view.
KCMCC Deputy Manager Ali El Daoud points out that the company is committed to a strong social mission: "This business cannot simply be about making money or building houses and tower blocks for a few people. It is communities that support real estate, and if we ignore communities and our role in building communities, we risk losing in the long term. Neither Al Benaa nor KCMCC is about short-term profitability.
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