The Kuwait Investment Authority has clarified that the National Real Estate Portfolio is entitled to purchase vacant land within Kuwait, and is not limited to purchasing existing, income-generating properties, and that the portfolio’s founding contracts do not prohibit or restrict any real estate purchase involving vacant land owned by third parties.

In a statement addressed to Deputy Prime Minister and Minister of Finance Anas Al-Saleh, the Investment Authority said that the selection of Al-Markaz Financial Company to manage part of the real estate portfolio, valued at 250 million dinars, came after it ranked first among 22 companies in the selection process conducted by the Authority to choose the appropriate firm.

It explained that the criteria for selecting managers of local real estate portfolios are based on professional, technical, and commercial procedures, as well as international financial and economic standards. It noted that foremost among these criteria is the Authority’s acquisition of information regarding the expertise possessed by the companies applying for this purpose, which is evaluated objectively according to pre-established criteria.

Based on the foregoing, a contract was signed with «Al-Marakaz Al-Mali» to manage a portion of the portfolio, estimated at 250 million dinars, earmarked for domestic investment within the National Real Estate Portfolio, Furthermore, the Authority has not identified any irregularities or errors on the part of the management company regarding its administration of the portfolio.