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Mudon: Kuwaiti Projects Invested 32 Billion Dollars in 64 Real Estate Projects Abroad In 20 Years.

Feb 01 , 2024

Mudon Group revealed that 13 foreign and Arab real estate companies implemented 15 real estate projects in Kuwait from April 2006 to August 2022 at a total cumulative investment cost of 3.6 billion dollars, with an average of 237 million dollars for each project. The Group pointed out in a report issued today that in 2023, there were no any new foreign projects in the real estate sector inside Kuwait, after the last project implemented by URP Real Estate Development Company in August 2022. The foreign investments in this sector were distributed on three main activities, mainly the construction with a number of 8 projects, followed by the professional services activities with a number of 5 projects, then transport and storage. The investment companies were divided into 4 UAE companies, 3 Indian companies, two Australian companies and one company from USA, Switzerland, China, Luxembourg, Qatar and Singapore. On the other hand, Kuwaiti companies invested 32 billion dollars from 2003-2023 to implement 64real estate companies abroad, with an average of 500 million dollars for each project, mostly in the construction sector by up to 75%, then the marketing and sales sector by up to 23.4%, and only one company in the business services sector. Regarding the geographical distribution of these projects, the report stated that most of the projects occupied 75% of the investment cost in 5 Arab countries. Whereas Bahrain ranked highest amongst the most important destinations for Kuwaiti companies investing in real estate abroad during this period, with a total investment cost of $6.7 billion, representing 21% of the total, with a number of 12 projects. The UAE ranked second, with a total investment cost of $5.9 billion, representing 18.4% of the total, with a number of 11 projects. Syria ranked third, with a total investment cost of $4.9 billion, representing about 15.2% of the total, with a number of 4 projects. Egypt ranked Fourth, with a total investment cost of $3.9 billion, representing 12.2% of the total, with a number of 5 projects. Then, Saudi Arabia ranked fifth, with a total investment cost of $2.6 billion, representing 8.2% of the total, with a number of 6 projects.

 

Mudon traces its roots back to 2008 in Kuwait. Since then, the company has witnessed exponential growth in real estate development.

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