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An official lease agreement has been signed with Warba Bank to exploit rental areas exceeding 9.7 thousand square meters Arraya Tower that will be available after the end of National Bank of Kuwait’s contract.
The company succeeded in exiting a number of local and international real estate investments, achieving profits of more than 7.5 million K.D.
Adding to the company’s success in strengthening its financial position, early payments of credit facilities for the parent company contributed to reducing finance costs in the company’s income statement.
Assima Project
the total leased areas in the commercial complex of the project totaled to 53,550 m2 by the end of 2019, accounting for 73.5% of the total leasable areas in the complex
Car parking development
The company added the first service of payment via K-NET gateway in Kuwait state at its facilities, easing the parking pay machines process through the distribution of the KNET machines at the parking exits at Salhia Commercial Complex and Arraya Commercial Centre,
also installed an automated guidance system within its parking facilities to help motorists identify vacant positions, In addition to electronic charging stations to charge electric vehicles.
Assima project
During the year, the company encountered a difficult challenge, a fire occurred on the site of the Assima project on Friday 30th June 2017. The construction of the project had to stop temporarily. The company’s management coordinated with its consultants to assess the effects of the accident.Thankfully, the fire did not have any impact on the financial position of the company.
Project Rental works
Salhia was successful in completing several lettings of commercial space with both local & international companies & institutions famous and well-known internationally and locally. They include the following (Galeries Lafayette) ، (Monoprix) ، (Cinescape) ، (UFC GYM) ، (National Geographic Ultimate Explorer)
The area leased in the commercial complex is approximately 31,000 m2 representing 43% of the total lettable area.
Sahab Tower
In 2017, Salhia Real Estate Company celebrated the 20th anniversary of the Sahab Tower with 100% occupancy rate since its establishment in 1997 with its excellent services provided by Salhia Real Estate Company.
the overall works were cast at the Assima project basements level and starting to rise above the ground surface level and cost a number of columns which will carry the ceiling of the first mezzanine.
the Company signed a contract with Marriott International Company for the management and exploitation of the hotel intended to be built.
During the development works of the project, the Company coordinated with the marketing consultant to lay down the final plans for the overall usages and their distribution in the project, and starting in parallel form with the execution stage in the marketing process of the big areas locations to be exploited as hypermarket, entertainment activities and cinemas.
– Salhia Real Estate Company secured the necessary approvals and permits to set up the Assima Project which consists of a unique blend of commercial and investment properties located in the Sharq area with total area of 21,414 sq.m.,
– The Company laid down the cornerstone for the execution of the project in the fourth quarter of 2015, whereby the executive and technical works were entrusted to major specialized companies.
This year Salhia Real Estate Company Commemorated its 40th anniversary celebrating. Under sign “40 Years In Creating Value”
– JW Marriott Hotel- Kuwait Commemorated its 10th anniversary celebrating. The hotel also won award “the Best Luxury Business Hotel 2013” (by the World Luxury Hotel Awards), And Certificate from (Trip Advisor Certificate of Excellence) for 2013.
– Arraya Ballroom announced the unveiling of its new website at www.arrayaballroomkuwait.com
– JW Marriott is undergoing a large renovation to its contents in addition to providing high-speed wireless Internet.
– Arraya Ballroom that managed by Marriott International, underwent to a major change with a “New Level of Creativity”.
– Salhia Real Estate Company has recently signed a long lasting financial agreement in compliance with Islamic rules with one of the local banks amounted 53 million Kuwait dinar to reschedule Al Asima company debt.
Salhia Real Estate company successfully managed to raise its capital by 20% . This capital increase allowed the company to buy 50% of Al-Asima and thus be a wholly owned subsidiary.
Salhia acquires circa 50% stake of Al-Asima Real Estate Company, which owns Al-Asima Project.
– Arraya Tower II commenced actual operations letting 82% of the tower to a range of local and international companies.
– Salhia International Investment, Ingleby was granted a unanimous planning consent for The Beorma Quarter Project, located in Birmingham, UK.
– Salhia Real Estate Company continued finalizing the preliminary works in the Bahrain Bay project.
– Salhia International Investments, Ingleby concluded acquisition for the majority of a two-acre site in Digbeth district of Birmingham.
– Grand opening of Salhia Plaza
– Sale of 8 parcels of land in Fahed Al-Salem Street area for KD 36,550 million.
– Establishment of Al-Asima Real Estate Company with a capital of KD 80 million, through a 50/50 joint venture between Salhia Real Estate Company and The National Bank of Kuwait and its clients.
– Salhia Real Estate Company sells Al-Asima land to Al-Asima Real Estate Company for KD 115 million.
– Receive plannind consent for Al-Asima Project in July 2006.
– The Board of Directors of Salhia Real Estate Company agree to merge Haddia Holding Company with its affiliates DANA and SAREC.
– Commenced construction of Arraya Tower II.
– Completing Arraya Plaza which includes cafes, and organize family festivals and exhibitions.
– Signing of the final agreement with the National Bank of Kuwait on 14/6/2005 to serve as underwriter of the Al-Asima Project.
– Completing installation of all computer services in Arraya Tower, Marriott Courtyard and Conference Hall.
– Opening of (Plon) nursing home in Germany managed by DANA GmbH, a subsidiary of Haddia Holding Company in July 2004.
– Obtain establishment license for three cafes in the plaza area of Arraya Complex.
– Grand opening of Arraya Tower project
– Grand opening of Marriott Courtyard Hotel in Kuwait
– Establishment of Drawbridge Securities a UK joint venture, specializing in land option investments.
– Completion and opening car parking that serves Salhia Complex during the third quarter of 2003.
– Implementation of Arraya Tower and finishes procedures.
– Salhia Real Estate Company assign the hotel operation to J. W. Marriott Hotel, Le Meridien Hotel Kuwait previously.
– The Board of Directors of Salhia Real Estate Company and St. Modwens decide to increase Key Properties Investments’ capital from KD 12.1 million to KD 24.2 million.
– Relocating Salhia Real Estate Company headquarters to Salhia Complex.
– Implementation of Salhia Plaza project and car parks to serve the Salhia Complex visitors and tenants.
– Al-Asima project in planning stages.
Salhia Real Estate Company obtains official approval from all parties to commence development of the Arraya Tower project.
Approval of Arraya schemes draft.
– Salhia Real Estate Company purchases 5 lands in Sharq area, and 8 buildings in Fahed Al-Salem Street area.
– Salhia Real Estate Companys’ Board gives approval to Haddia Holding Company to purchase 2 nursing homes in Germany.
– Salhia Real Estate Company has signed a contract to participate in Thorn Hill residential development in North Carolina, United States.
– Grand opening of Al-Sahab Tower.
– Establishment of Key Property Investments , a 50/50 joint venture with St. Modwen Properties to become a gateway to Salhia Real Estate Company’s investments in the UK real estate market with a capital of 25 million Pounds Sterling on 16/5/1997.
– Completion of Al-Sahab Tower project as and becomes Salhia Real Estate Companys’ new headquarters.
– Changing Salhia Real Estate Company logo, which defines the identity of the company.
– Completion of Al-Sahab Tower projects’ internal finishes in May 1995.
– Salhia Real Estate Company has achieved good profits from investing the financial surplus available in new investment channels including SAREC – Germany.
– Commencement of Al-Sahab Tower project.
– Salhia Real Estate Company increases the ownership percentage from 62% to 93% in Haddia Holding Company – Germany.
– Establish Haddia Holding Company in Germany.
– Completion of the formal procedures to own 62% of retirement and disabled housing in Germany for Haddia Holding Company.
– Receipt of the construction permit from the Municipality for Al-Sahab Tower project and delivery of design schemes and sketches.
-Le Meridien Hotel Kuwait opens the Thuraya Hall in the 16th floor
-The Municipality approves Al-Sahab Tower development.
Commencement of operations of Salhia Complex immediately after liberation 100% occupancy over a short period of time and complete emergency repairs for the Le Meridien Hotel Kuwait and commence operations.
The Municipal Council Committee approves on land separation of Salhia Complex from Le Meridien Hotel Kuwait.
Le Meridien Hotel Kuwait signs the Hotel Union Owners updated price agreement for 5 Stars Hotels on 1/6/1988.
An independent valuer values both Salhia Complex land and Le Meridien Hotel Kuwait land for KD 59,211,988 million.
The par value of the share price has been reduced from 1 KD to 100 fils, in compliance with Trading Companies Law, Article No. 99 of the declaration No. 132 of in year 1986, therefore, number of company capital shares increased to 192,000,000.
Refurbishment of Salhia Complex and Le Meridien Hotel Kuwait.
After 5 years of leasing Salhia Complex, Salhia Real Estate Company renewed the contracts for the tenants with an increase between 20% – 60% in rent.
– The Le Meridien Hotel Kuwait signed the Hotel Union Owners standardize prices agreement on 1/10/1983.
– Agreeing a contract loan of KD 8 million for a period of seven years with the National Bank of Kuwait.
The company’s capital paid hit KD 19,200,000 million, with an increase of 60% than the previous year.
Salhia Real Estate Company appoints Mr. Fawzi Yousef Al-Nafisi as General Manager of the company, and Mr. Jawad Mohammed Barakat as a Deputy General Manager of the company.
– Obtained a formal approval from the Ministry of Trade and Industry for listing Salhia Real Estate Company in the Kuwait Stock Exchange, converting it from a private to a publicly listed company on 10/2/1980.
– Grand Opening for Le Meridien Hotel Kuwait on 15/6/1980
Grand opening of Salhia Complex in the third quarter of 1979
Increase the company’s capital from KD 5.5 million to be KD 8 million at KD 0.100 per share.
-Complete the second final capital call of KD 1.925 million to the company. Therefore, the capital of KD 5.5 million is fully paid.
-Obtain a building permit for Le Meridien Hotel Kuwait on 22/6/1977 and construction began on 1/7/1977
– Building permit from Municipal Council granted for construction of a 5 Star Hotel.
– Signed a 25 year agreement with Le Meridien Hotels to operate the hotel.
Construction begins in Salhia Complex project.
Establishment of Salhia Real Estate Company with a capital of KD 5.5 million, of which KD 3.575 was called.