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Kuwait, 31 August 2008. Acting Chief Executive Officer, Kuwait Finance House (KFH) Emad Al-Thaqeb has announced that KFH has signed a USD 275 Million speculation contract with a firm from China, Nan Hai Limited, to invest in the Peninsula project, the biggest real estate development project in Shekou and Shenzhen areas in China. The project occupies 1 million square metres, with a total cost of USD 3 billion. This comes as a step from KFH to cement its investments in this vital spot of the world, in addition to expanding the geographical presence of KFH, especially after the successes achieved in Malaysia, Singapore, Indonesia, and other strategic areas in South East Asia, China and the Indian subcontinent.
Al-Thaqeb added that investing in such a large-scale project is a great opportunity, since the project possesses distinguished, unique facilities, in addition to numerous advantages, such as its strategic locations between Hong Kong and China, not mentioning the partners like Liu Wan Development (BVI) Limited, which is fully owned by Nan Hai Limited listed in Hong Kong's Stock Exchange. Taking into consideration the ongoing boost in the Chinese economy, KFH sees a huge potential from this opportunity, in addition to the investments of KFH in the South East Asian countries and China. The transaction is another landmark deal following the successful development of the Pavilion Towers in Kuala Lumpur, Malaysia.
Al-Thaqeb stressed that KFH is keen to develop and reinforce the Group's investments in South East Asian countries and China, in its efforts to strengthen the commercial and economical ties amongst these countries and Kuwait and the GCC region, by making KFH- Malaysia and Singapore as the launchpads. This will serve the global expansion policy of KFH and create many investment opportunities, which will lead to better returns and services for KFH's clients and shareholders.
KFH International Real Estate Department Manager, Ali O. Al-Ghannam, announced that the participation of KFH in the Peninsula project is through KFH's Asian fund 2, which was recently established and that the speculation contract that was signed is valid for three years. He added that the project overlooks the sea and is divided into five constructional phases, with a cost that exceeds USD 3 billion. In 2006, more than 1000 residential units were sold in five days from the first phase of the project.
Furthermore, he said that KFH takes great interest in this new, unique and high valued project, especially after the success of the KFH Asian fund 1, through its investments in Pavilion in Malaysia. The Peninsula project is expected to achieve not less than 15% in returns for KFH and investors when it is marketed.
Al-Thaqeb added that investing in such a large-scale project is a great opportunity, since the project possesses distinguished, unique facilities, in addition to numerous advantages, such as its strategic locations between Hong Kong and China, not mentioning the partners like Liu Wan Development (BVI) Limited, which is fully owned by Nan Hai Limited listed in Hong Kong's Stock Exchange. Taking into consideration the ongoing boost in the Chinese economy, KFH sees a huge potential from this opportunity, in addition to the investments of KFH in the South East Asian countries and China. The transaction is another landmark deal following the successful development of the Pavilion Towers in Kuala Lumpur, Malaysia.
Al-Thaqeb stressed that KFH is keen to develop and reinforce the Group's investments in South East Asian countries and China, in its efforts to strengthen the commercial and economical ties amongst these countries and Kuwait and the GCC region, by making KFH- Malaysia and Singapore as the launchpads. This will serve the global expansion policy of KFH and create many investment opportunities, which will lead to better returns and services for KFH's clients and shareholders.
KFH International Real Estate Department Manager, Ali O. Al-Ghannam, announced that the participation of KFH in the Peninsula project is through KFH's Asian fund 2, which was recently established and that the speculation contract that was signed is valid for three years. He added that the project overlooks the sea and is divided into five constructional phases, with a cost that exceeds USD 3 billion. In 2006, more than 1000 residential units were sold in five days from the first phase of the project.
Furthermore, he said that KFH takes great interest in this new, unique and high valued project, especially after the success of the KFH Asian fund 1, through its investments in Pavilion in Malaysia. The Peninsula project is expected to achieve not less than 15% in returns for KFH and investors when it is marketed.
