Business

Kuwaiti real estate transactions up 24% in May, hitting KD387 million

Published

1 month ago

June 4, 2025

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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

Related Topics:estate hitting KD387 Kuwaiti Million real transactions

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Kuwait unveils e-tax platform | arabtimes

Published

16 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The Ministry of Finance announced the launch of an online registration service for companies subject to the Multinational Entities Tax Law through its official website. This service falls within the framework of the ministry’s commitment to implementing the provisions of Law No. 157/2024 and advancing digital transformation in service delivery. It is designed to streamline the registration process for companies subject to the law, per Article 75 “Self-Registration of the Taxpayer” of the law’s executive regulations. This service allows companies to complete the registration process electronically through the Ministry of Finance’s official website by following these steps:

1. Visit the Ministry of Finance website at www.mof.gov.kw.

2. From the main menu, select “Corporate and Institutional Tax,” or choose “Electronic Tax Services” from the list of e-services. This will direct you to www. mof.gov.kw/TCRS_Public

3. Log in using your existing username and password, or click on “Create Account” if you do not have one.

4. Once logged in, select the desired service and submit your registration request.

It is worth noting that the Ministry of Finance reaffirms its commitment to developing the digital services system, which helps enhance institutional efficiency and improve compliance with tax legislation in the State of Kuwait. (KUNA)

Business

Jahra Council greenlights KOTC LNG water pipeline

Published

17 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The Jahra Governorate Committee at the Municipal Council, chaired by Abdullah Al-Enezi, on Wednesday approved the request of the Ministry of Electricity, Water and Renewable Energy to allocate a freshwater route to feed the liquefied natural gas (LNG) plant of Kuwait Oil Tankers Company (KOTC) in Umm Al-Aish. During the meeting, the committee also approved the following:

Request of one of the companies that own plots 42 and 48 in Jahra Administrative and Commercial Center (Block 93) to change the height of the pedestrian bridge linking the two plots from six meters to 4.8 meters above ground level;
Request of the Public Authority for Agriculture Affairs and Fish Resources (PAAAFR) to allocate an alternative site for Naif Poultry Company in Sulaibiya Agricultural Area. In addition, the committee referred to the executive authority the request of the Ministry of Health to change the use of the site of the pest control center in Jahra to become a kidney dialysis center, with the amendment of its borders and the expansion of its area; as well as the letter of Jahra Governor Hamad Al-Habashi regarding the allocation of land to establish a walkway, for further study and to present its technical opinion on these requests.

By Inaas Awadh
Al-Seyassah/Arab Times Staff

Business

MEW secures SAB approval for KD169mn GCCIA power import

Published

18 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The total amount for which the Ministry of Electricity, Water and Renewable Energy obtained conditional approval from the State Audit Bureau (SAB) to contract for the import of electricity from the Gulf Cooperation Council Interconnection Authority (GCCIA) reached KD169.126 million over nine months — from April to December.

According to reliable sources, the ministry got approval for the import in April, amounting to KD2.641 million, two approvals in May the first for KD1.756 million and the second for KD3.348 million, in addition to an approval from June until December for KD161.381 million. Sources indicated that the energy import is through the coordinated efforts of the ministry and GCCIA to support the grid, maintain the stability of the electrical system during summer, and avoid resorting to scheduled power outages as much as possible, given the increased loads resulting from high temperatures and increased consumption rates in summer.

Sources disclosed that the ministry utilized the GCCIA as one of the solutions to address the energy crisis until production rates increase and new projects are implemented shortly. Sources said these projects include the installation of gas turbine units operating on a combined cycle system to increase power production at Al-Subiya power station by 900 megawatts, indicating the ministry is racing against time to complete the fourth phase that includes the tender, award, contracting, and implementation procedures.

By Mohammad Ghanem
Al-Seyassah/Arab Times Staff