Zawya
BEIRUT (Zawya Dow Jones)–Kuwait’s Taameer Real Estate Investment Co. (TAAMEER.KW) has signed a contract to buy a plot of land in Morocco to develop a real estate project there at an estimated cost of 15 million Kuwaiti dinars ($53.4 million), the state-run Kuwait News Agency, or Kuna, reports Saturday, citing an executive.
The project will involve the construction of a hotel, a mall, villas, and residential apartments, Fawaz Al Bader, the company’s chief executive said, according to Kuna, adding that the plot of land, valued at KWD1.2 million, covers an area of 35,000 square meters in Tangier city.
The licenses are expected to be granted within 18 months and then the final contract for the project will be signed, the news agency cites Mr. Bader as saying. He added that the project will take 36 months to be completed.
News agency website: http://www.kuna.net.kw/ArticleDetails.aspx?id=2268102&Language=ar
Write to Beirut Bureau at djnews.dubai@dowjones.com
(END) Dow Jones Newswires
13-10-12 1235GMT
.
