In the first half of 2024, the value of assets owned by real estate companies listed on the Kuwait Stock Exchange was 6.02 billion dinars, up 206 million dinars (3.5%) from 5.8 billion dinars in the same period in 2023. Concurrently, these companies’ liabilities increased from 2.85 billion dinars to 3.07 billion dinars, a 7.8% increase of 223 million dinars.
Al-Jarida’s statistics show that the liabilities of real estate companies currently make up roughly 48.9% of their total assets. With assets of 1.45 billion dinars, up from 1.18 billion dinars, Mabanee Company led the sector. United Real Estate Company came in second, with assets of 650.6 million dinars, down from 667.7 million dinars. Salhia Real Estate Company held assets worth 523.1 million dinars, down from 436.3 million dinars, and Al-Tijaria Real Estate came in third place with assets of 573.4 million dinars, up from 553.6 million dinars. Assets of 505.4 million dinars were reported by the National Real Estate Company, a decrease from 606.5 million dinars. The largest asset growth was recorded by Sanam Real Estate Company, whose value increased from 7.9 million dinars to 11.9 million dinars, a 49.9% increase.
After Mabanee Company, which expanded by 22.8%, Osos Holding Company increased by 20.4%, rising from 16.7 million dinars to 20.1 million dinars. Kuwait Business City Real Estate Company increased by 18.3%, from 89.6 million dinars to 106.1 million dinars, while Salhia Real Estate Company grew by 19.8%. In contrast, the biggest asset decline was recorded by Al-Masaken International Real Estate Development Company, which saw its value drop from 19.2 million dinars in the first half of 2023 to 12.5 million dinars in 2024, a 34.6% decrease. Mazaya Holding Company’s assets fell from 186 million dinars to 144 million dinars, a decrease of 22.5%. The assets of Arabian Real Estate Company dropped from 135 million dinars to 112 million dinars, a 16.9% decrease. There were decreases of 16.6% and 13.9% for Tamdeen Real Estate Company and National Real Estate Company, respectively.
Mabanee Company was again in the lead when it came to liabilities, which rose from 517 million dinars to 741 million dinars. Liabilities for United Real Estate Company came next, falling from 476 million dinars to 455 million dinars. Liabilities for Salhia Real Estate Company increased to 346 million dinars from 265 million dinars, while liabilities for Al-Tijaria Real Estate Company increased to 257 million dinars from 243 million dinars. Kuwait Real Estate Company reported liabilities of 248 million dinars, up from 233 million dinars.
The largest increase in liabilities was seen by Sanam Real Estate Company, whose liabilities went from 116,000 dinars to 516,000 dinars, a 344% increase. Liabilities for Osos Holding Company increased by 51.5% to 7 million dinars from 4.6 million dinars, while liabilities for Mabanee Company increased by 43.2%. Liabilities increased for Kuwait Business City Real Estate Company by 33.7% and Salhia Real Estate Company by 30.4%.
Al-Masaken International Real Estate Development Company, on the other hand, experienced the biggest drop in liabilities, going from 12.9 million dinars to 8.3 million dinars, a 35.8% decrease. Subsequently, Dalqan Real Estate Company experienced a decline of 27.3%, going from 2.3 million dinars to 1.7 million dinars. Liabilities held by Mazaya Holding Company dropped from 129.1 million dinars to 94.8 million dinars, a 26.5% decrease. Liabilities at Munshaat Real Estate Projects decreased by 16.7%, from 84.7 million dinars to 70.4 million dinars, while Arabian Real Estate Company saw a decrease of 24.5%, from 97.8 million dinars to 73.8 million dinars.
