Thursday , October 19 2017

Minister urged to solve real estate sector woes – ‘100% Kuwaitization needs time’

KUWAIT CITY, March 7: Secretary General of Kuwait Real Estate Association Qais Al-Ghanim says the association has presented some requests to the current Minister of Commerce and Industry and State Minister for Youth Affairs Khalid Al-Roudhan concerning the need to proffer solutions for the series of obstacles facing real estate exhibitions in order to improve the local real estate market, reports Al- Shahed daily.

He said the real estate sector in Kuwait relies on the ministry for brokerage, regulation and evaluation, declaring that organizing exhibitions depends on ministerial decisions for citizens to avoid falling into dragnet of the concerned companies. Al-Ghanim stressed that the Council of Ministers established Real Estate Clearing Company without considering certain steps, because such a company should have been set up by an Amiri Decree rather than a ministerial decision. He explained that the company is aimed to wipe out fraud and regulate the real estate market in Kuwait in a way that can ensure transparency among operators.

This is capable of protecting enormous money circulating within this important sector during the buying and selling transactions. Al-Ghanim insisted on the need for resuscitation of the Real Estate Clearing Company by making it a neutral entity that will not take sides with the buyer, seller or government. Regarding the “100 percent Kuwaitization” policy in the ministries, he indicated that the problem is not in the policy itself but in finding Kuwaiti officials who are capable of managing the problems of the ministries. He advised the government to take a cue from the Dubai experience at this stage.

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