Introducing Salhia
At home and abroad, Salhia is a name synonymous with the creation, ownership and management of fine commercial real estate.
Established in 1974 by a group of prominent local businessmen, the company has grown to become a major player in Kuwait’s retail and leisure, hotels and office markets. The domestic portfolio is complemented by Salhia’s international investments that include three commercial centres and over 30 industrial and logistics properties in the UK, as well as 17 homes for the elderly in Germany.
Listed on the Kuwait Stock Exchange, Salhia recorded a remarkable 180 percent increase in profitability for 2006. A record annual net profit of KD 48.9 million (US$ 182.1 million) was the highest in Kuwait’s real estate sector during the year. Earnings per share were 163 Fils (US$ 0.61), 282 percent higher than 2005. Total assets increased 11.6 percent – from KD 217.1 million in 2005 to KD 242.5 million (US$ 903.2 million) in 2006.
In-depth research, meticulous planning and superb execution are the hallmarks of all Salhia developments. The company has consistently achieved market-leading returns, while impressive occupancy rates and low tenant turnover are testament to Salhia’s commitment to client satisfaction.
In line with its international expansion strategy, Salhia continuously seeks and initiates new joint ventures and projects in the Middle East and Europe.
At present, Salhia’s largest venture in Kuwait is Al-Asima, a landmark development on prime land in Kuwait City due for completion in 2010. One of Kuwait’s most ambitious private sector developments ever, Al-Asima will feature a 70-floor office tower, a shopping mall, a number of multi-use halls, a health club, a cinema complex and various restaurants and cafés. One other project currently mid stream in Kuwait is Arraya Tower II, an expansion of Salhia’s highly successful Arraya Commercial Centre. Elsewhere in the Gulf, a prestigious new development – Salhia’s first in the Kingdom of Bahrain – will shortly be announced.
In the UK, investment and development activities are conducted through two long-standing and successful joint ventures: Key Property Investments and Drawbridge Securities. Current projects include the redevelopment of Farnborough town centre in Hampshire, a multi-purpose project in the centre of Birmingham and a major residential development planned for the Midlands town of Rugby.
