Marzouq Khaled Al-Marzouq

KUWAIT: Souk Al-Salmiya Real Estate Company's ordinary general assembly for the fiscal year 2018, held last Tuesday, approved all the items on its agenda including recommendations to distribute cash profits equal to 10 per cent of the capital to shareholders. The meeting approved the board report for the fiscal year ending on December 31, 2018, the auditor's report, general budget and profit and loss account. The general assembly also agreed to approve the board members.

Speaking after the general assembly meeting, Board Chairman and CEO, Marzouq Khaled Al-Marzouq said that the company made 63 fils profit per share and that book value of the shares increased from KD 0.365 to KD 0.422.

Al-Marzouq added that the company was currently constructing a luxurious residential complex with a sea view comprising 36 floors with a total value of KD 23 million at Sabah Al-Salem area. He added that 80 per cent of the construction was completed and that the complex is scheduled to be completed by July 2019.

Al-Marzouq stated that the company had worked on diversifying its activities by building a new complex at Sabah Al-Ahmed Marine City known as The Grey and that all the stores had been fully rented.

In addition, Al-Marzouq said that Souk Al-Salmiya managed to assume a prestigious place amongst other real estate companies that had started operating in the country years ago adding that the Souk Al-Salmiya project has become one of the most outstanding properties in Kuwait market attracting thousands of visitors on daily basis. "The market management is keen on cooperating with various investors", he underlined.

Al-Marzouq also thanked Nouf Real Estate General Trading and Contracting Company as the partner and manager of the Souk Al-Salmiya project.

Souk Al-Salmiya General Manager Mohammed Ali Al-Sabhan said that the company is currently studying various investment opportunities and taking part in developmental projects offered by the government for the private sector through BOT or other investment fields.

"In collaboration with Nouf Real Estate Company, Souk Al-Salmiya succeeded in executing the huge market project", he added noting that 98.2 per cent of the market was rented by the end of 2018.

Commenting on Sabah Al-Salem project, Al-Sabhan said that all the complex apartments would have a sea view and expected that the project would make a substantial shift in the company's work once opened in July 2019.

Notably, Souk Al-Salmiya hosted several social activities in 2018 including the national cancer awareness campaign, the Awqaf ministry's eighth summer festival and Al-Anbaa' celebration on the national anniversaries.

The market also hosted an awareness campaign on blood pressure and diabetes organized by the voluntary team 'Fakhr Al-Watan' ( Nation's Pride), an exhibition for producing family products, charity festivals and cancer awareness campaigns -- all free of charge and comes within its corporate social responsibility.