National Real Estate Company stated that it had received a letter from the Ministry of Finance stating that the contract for Al-Goun Resort concluded on 9 July 1997 had expired on 8 July 2017, and that the Ministry would hand over the project to the Public Utilities Management Company (PUMC).
National Real Estate Company clarified in a disclosure issued to Boursa Kuwait that handing over the project to PUMC does not have a negative or positive material impact on the company’s financial statements.
Meanwhile, National Real Estate Company reported that the Ministry of Finance sent a notice to the company last Thursday, 2 March 2023, warning that the waterfront project - the third phase “Souq Sharq”, including the facilities and all constructions built on the project’s land, had been handed over to the ministry on Monday, 6 March 2023 (today).
National Real Estate Company also stated that the Ministry of Finance mentioned in its notice that in the event that the company refuses to hand over the project, the Ministry will implement Administrative Eviction Resolution No. 2 of 2023 by force.
The company pointed out that it responded by sending a counter notice to the Ministry of Finance, in which it warned that the aforementioned resolution was null and void and that it was not enforceable.