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More than 3,000 Kuwaitis own 5,700 real estate units in Sharjah

DUBAI, More than 3,000 Kuwaitis have come to own 5,700 real estate units in UAE’s Sharjah, Kuwait Business Council (KBC) in Dubai and Northern Emirates said in a statement on Saturday.

A KBC delegation held an official meeting with the Director-General of the Sharjah Real Estate Registration Department Abdul Aziz Ahmed Al Shamsi.

The two sides discussed means of boosting cooperation, for raising awareness among Kuwaiti investors of real estate developments there, after the application of the Value Added Tax (VAT) earlier this year.

Discussions covered exchange of date and information, and Kuwaiti investors were urged to remain updated on investment and real estate registration in Sharjah.

The statement quoted KBC deputy head Mohammad bin Ibrahim as saying that the visit was part of eagerness to enhance Kuwaiti investors’ presence in the Sharjah real estate market, and to conclude partnerships to raise awareness on relevant legislations and privileges offered to the GCC citizens.

The market in Sharjah has been trusted by Kuwait’s investors over about six decades for its stability and allure, as well as flexible legislations and steady growth of demand, he added.

Over ten years, ending in 2017, 3,100 Kuwaiti came to possess 5,783 real estate units in Sharjah, he said. Commercial property had the lion’s share, about 3,461 units.

Source: Kuwait News Agency