Kuwait Real Estate Investment Consortium (KREIC) held its Extraordinary General Meeting (EGM) on Tuesday, 19 April 2022 at the company’s headquarters, and passed a resolution to amend Article (5) of the Memorandum of Incorporation and Article (4) of the Company’s Articles of Association, as follows:
- Coordinate the efforts of real estate companies.
Carry out various real estate business activities with the intention of making a profit, including purchase and sale of land plots and real estate properties, rent and lease activities, building construction, prepare studies of private and public real estate projects and implement those project, whether through direct supervision or through an intermediary.
- Carry out various types of construction for the Company’s own account or third parties. Import and trade in all materials related to real estate activities. Establish and manage hotels, clubs, restaurants, cafes, motels, chalets and all tourism, sports and entertainment facilities.
– Invest in projects and companies that carry out similar objectives, manage such companies and direct them to achieve profits.
- Build houses, whether for individuals or for official or private institution and receive payments either in cash or in installments. Provide property management services for third parties. Establish companies with similar objectives in different countries in accordance with the applicable laws in those countries, in order to achieve the company’s objectives and to strengthen Arab and international cooperation. The company may have an interest or participate in any way with corporations that carry out similar business or that may assist it in achieving its objectives in Kuwait or abroad, and it may establish, participate in, purchase, or attach these entities. Utilize the Company's surplus to invest it in financial portfolios managed by specialized companies. Establish and manage real estate auctions.
- Evaluate real estate assets according to applicable regulations as stipulated by the Ministry of Commerce and Industry.