01January 2013
by Tazmania
What the heck is happening to real estate prices in Kuwait? I read on the paper the other day that a small 2,800 sq. m real estate in Salmiya was sold for 77 Million Dinar (and yes you read that whooping figure right) in cash and in full, simply WTH! I can imagine that Salmiya is a high priced area but heck 77 Million Dinar can build a whole 5-star resort with a private beach and everything like those we see in Dubai or Europe. This isn’t everything because I read about other similar deals in other areas of Kuwait. This surely raises a red flag, could it be a money laundry? [link]
Update: I read on the paper that there was a printing mistake, the 77 Million are actually 7.7 Million and that there’s an investigation going on.
5 people like this post.
20December 2012
by Tazmania
I was chilling and doing some minor shopping at Salhiya last night and it just impresses me how it still maintains a good position with regards to luxury shopping even though it’s one of the oldest malls in Kuwait, I mean with Al Hamra Luxury Center, 360 Mall, and the recent opening of The Prestige District at the Avenues I thought Salhiya will be abandoned and will turn into a ghost mall but on the contrary seemingly many still prefer to do their luxury shopping or simply meet up with friends at Salhiya.
This could also mean that luxury shopping market in Kuwait is getting bigger with more people seeking high-end brands and goods, several first-time brands have made their way to Kuwait market just recently Viz. Hermès, PRADA, MIU MIU, Harvey Nichols…etc. and we can also see that the existing luxury brands are also opening newer and much bigger boutiques, Louis Vuitton and Dior have just opened their largest boutiques in the Middle East in Kuwait. Yes I still love going to Salhiya, do you?
4 people like this post.
17December 2012
by Tazmania
The new list for the 50 richest Arabs 2012 was just unveiled by Arabian Business and there is not much change from the year 2011 [link], the top 5 places were all from Saudi Arabia except #4 which has gone to Sawiris Family from Egypt this year. Prince Al Waleed Bin Talal wealth has increased by $4.6 Billion to reach $25.9 Billion, guess he’s regaining the money he lost due to the economic crises. In 6th place came Al Khurafi Family from Kuwait with 8.6 Billion (that’s $100 Million less than 2011) followed by Bukhamseen Family with $7.20 Billion.
Seemingly the richest Arabs are either involved in the Finance & Banking or Constrcution business, so who wants to be a Billionaire? See the full list here
3 people like this post.
30August 2012
by Tazmania
This time it’s not a Chinese phone, car, restaurant, or TV, but a bank (I’m seriuos). I read on the news that Industrial and Commercial Bank of China (ICBC) is about to open their first branch in Kuwait after getting approval from Kuwait Central Bank. Don’t ask me why I laughed when I read the news but it’s kinda weird don’t you think? I mean who knows maybe I’ll transfer my salary account to this Chinese bank when it opens.
Via [link]
5 people like this post.
Everytime I pass by The Sultan Center or go to Mohalab Mall in Hawally I see this so-called Al Safat Mall, the glass building with water falling and colors, which has been there for almost two years yet I never knew what’s inside it.
I approached the entrance and the security guards said its open so I stepped inside and saw a nicely designed curved glass roof ceiling but the mall itself was empty of people and shops as well (maybe 2 or 3 only)! I don’t know if its still in the leasing phase or there’s more, but I’m seeing more and more malls fail to attract people and business nowadays. Do you think its because the supply (malls) has become greater than the demand in Kuwait? Bad location? or probably bad marketing?
4 people like this post.
