KUWAIT CITY, June 4: Real estate transactions in May recorded a monthly growth in the value of various types of real estate by 24.3 percent or KD 94.384 million; reaching KD387.18 million with a total of 530 transactions, compared to KD292.797 million in April. Meanwhile, the value of real estate transactions decreased year-on-year by 6.24 percent or KD25.803 million, and the number of transactions increased by 19.8 percent or 105 transactions, compared to 425 transactions worth KD412.984 million in May 2024.

The newspaper obtained a copy of the monthly report on real estate transactions from the Documentation and Real Estate Registration Department in the Ministry of Justice. The report confirmed the registration of 530 real estate transactions in May — 390 private transactions, 125 investment transactions, six commercial transactions, five craft transactions, two warehouse transactions, and one transaction each for shops and the coastal strip. Private real estate transactions witnessed a 2.6 percent growth in number and a 21 percent growth in value, with a total of 390 transactions worth KD158.677 million, compared to 380 transactions worth KD125.202 million in April. On an annual basis, private real estate transactions recorded a 24.3 percent growth in number and a 15 percent growth in value compared to May 2024, which had 295 transactions worth KD134.811 million. Investment real estate transactions recorded a monthly growth of 2.5 percent in number and 28.4 percent in value, with a total of 125 transactions worth KD185.847 million, compared to 122 transactions worth KD132.982 million in April.

The value of investment real estate transactions jumped 159 percent year-on-year (to KD114.119 million) and 17.6 percent in number (22 transactions); compared to May 2024 when the number of transactions totaled 103, valued at KD71.728 million. Commercial real estate witnessed a striking contrast between monthly and annual trading activities. While the value of real estate transactions increased by 166 percent every month and 33.3 percent in number, with a total of six transactions worth KD 22.062 million compared to four transactions worth KD8.290 million previously; the volume of transactions decreased by 70 percent year-on-year and 86.6 percent in value, with a total of 20 transactions worth KD164.526 million. Despite the 44.4 percent decrease in the number of commercial real estate transactions in May (four deals) compared to the number of transactions in April, the trading value of commercial transactions jumped by 11.7 percent (KD1.276 million).

The number of commercial transactions in May reached five, worth KD10.945 million; compared to nine deals worth KD9.669 million in April. The craft real estate also witnessed a significant year-on-year increase in the number and value of transactions, increasing by 60 percent and 191 percent respectively, compared to May 2024 which had three deals worth KD3.765 million.

By Marwa Al-Bahrawi Al-Seyassah/Arab Times Staff

KUWAIT CITY, June 4: Jazeera Airways, Kuwait’s leading low-cost carrier, announced the resumption of flights between Kuwait and Damascus, Syria, starting from 9 June 2025. This significant move marks the restoration of direct air connectivity between the two nations after a hiatus of over 12 years. Jazeera Airways previously served three destinations in Syria—Damascus, Aleppo, and Deir EzZoor—and is now returning to the Syrian capital to meet the growing demand for travel and reconnection.

The relaunch of services to Damascus reflects the airline’s commitment to serving over 200,000 Syrians in Kuwait, the second largest Middle Eastern community residing in the country. The service will launch with one daily flight, with plans to increase to twice-daily frequencies before the end of the summer travel season. The airline also plans to resume operations to other Syrian cities in line with anticipated market growth.

The flights are currently open for booking with Jazeera Airways offering special promotional fares starting from just KD 95 one-way and KD 159 return— giving travelers an affordable opportunity to reconnect with Damascus. Barathan Pasupathi, Chief Executive Officer, Jazeera Airways commented, “We are pleased to restart flights between Kuwait and Damascus, a route of immense importance to thousands of Syrian nationals living and working here. This development goes beyond simply restoring air travel—it represents a renewed bridge of connectivity that links families, communities, and opportunities.

By reinstating this vital service, we are not only supporting the strong and vibrant Syrian community in Kuwait but also reinforcing the deep historical, cultural, and economic bonds between our two nations. We are deeply grateful to all stakeholders in both Kuwait and Syria who have partnered us in establishing the direct connectivity between Kuwait and Damascus.” With this development, Jazeera Airways reaffirms its role as a key enabler of regional connectivity and a committed partner to diverse communities across its network.

A person stands in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on June 4, in Tokyo. (AP)

WASHINGTON, June 4, (AP): Shares advanced Wednesday in Europe and Asia after U.S. stocks drifted closer to their records. Germany’s DAX climbed 0.8% to 24,284.99, while the CAC 40 in Paris picked up 0.4% to 7,794.86. Britain’s FTSE 100 inched up less than 0.1%, to 8,790.23. The futures for the S&P 500 and the Dow Jones Industrial Average were nearly unchanged.

South Korea’s Kospi led gains in the region, jumping 2.4% to 2,763.32 after the liberal opposition candidate Lee Jae-myung was elected president. Lee’s victory caps months of political turmoil triggered by the stunning but brief imposition of martial law by the now-ousted conservative leader Yoon Suk Yeol. Top priorities will include government spending and trade negotiations with the United States.

“Regardless of his political roots, boosting growth will be a key challenge. Even before President Trump’s tariffs hit exports, the economy contracted by 0.2% quarter on quarter, seasonally adjusted, in the first three months of the year. The figures highlighted fragile business activity and private consumption,” Min Joo Kang of ING Economics said in a report. Tokyo’s Nikkei 225 index surged 0.8% to 37,747.45 on gains for technology and pharmaceutical companies.

Toyota Motor Corp.’s shares rose 1.9% after it announced it was buying Toyota Industries Corp., a maker of auto parts and lift trucks, for $33 billion and taking it private. Toyota Industries’ shares tumbled nearly 12%. Chinese shares were modestly higher. The Hang Seng in Hong Kong added 0.5% to 23,618.72, while the Shanghai Composite index gained 0.4% to 3,376.20.

Taiwan’s Taiex climbed 2.3%. Investors were watching for updates on President Donald Trump’s tariffs, including the imposition of 50% tariffs on imports of steel and aluminum due to take effect Wednesday. With industries lobbying for him to expand that protection to products made from those materials, analysts say prices of many basic items will likely rise. On Tuesday, the S&P 500 rose 0.6% and was less than 3% away from its all-time high set earlier this year. The Dow industrials added 0.5% and the Nasdaq composite rose 0.8%.