Kuwait's Noor to launch $175m real-estate fund

Kuwait's Noor to launch $175m real-estate fund

Kuwait's Noor Financial Investment is set to launch a $175 million real estate fund in the second quarter of 2009 looking to tap on to growing opportunities in the sector, sources close to the company said on Sunday. Noor has already applied for the proper licensing from the Kuwaiti authorities and the fund is expected to be launched in the near future, the source told Kuwait's Al-Qabas daily. The fund will invest in the commercial real estate properties across the region despite the downturn in the real estate sector in the GCC.

The source pointed out that Noor has identified many opportunities in the real sector and wanted to invest now and capitalize later.


The GCC's real estate sector has been hit hard by the global economic downturn, with hundreds of projects being delayed or closed down in 2008. But experts say these properties offer good value as they are now undevalued.

The source said the creation of the fund is timely due to a number of good valuations available in the market, and the region's economies positive growth outlook.

Noor Financial Investment is the financial arm of National Industries Group (Holding) with interests in several sectors including telecommunications, infrastructure and oil, gas and private equity investments. - RPN