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State of economic depression to continue: finance, realty experts

KUWAIT CITY, July 1: Finance and real estate experts have said the state of economic depression will continue due to weak monetary support of medium and minor projects by banks, amid high deficit and low growth rate, reports Annahar daily.

In this context, former chairman of the board of Rasamil Financial Company Essam Al-Tawari said the level of retrogression in real estate, investment, industrial, and food production sectors is due to certain weak elements that necessitate stringent credit regulations— as indicated by observatory bodies.

He pointed to service development as the first step toward economic reform and restoration of investment levels. In the same context, secretary of Real Estate Federation Quais Al-Ghanem pointed out that the value of real estate has dropped almost 30 percent compared to 2013 and 2014, which he said, points to deterioration of the economy.

He called for strengthening of economic file and creating varied projects to end the state of retrogression in real estate sector. He pointed out that Kuwait has capacity and resources to attain development ahead of other countries in the region. In the same context, financial analyst and director of Al-Arabi Brokerage Company explained that shares market suffers a great deal due to bad market, indicating the stock market is the meter of the state’s financial system.

He called for rapid financing of economic channels and urged the observatory bodies to review strict credit conditions. He stressed the importance of private sector participation in economic development through the implementation of projects attracting foreign investment. Real estate expert Suleiman Al-Delaihan and Director of Al-Delaihan Real Estate Company also said the only way to breathe life into the economy is to revive real estate and shares markets. He suggested establishing industrial zones to attract those who desire to join the business and reiterated the proposed projects will create an alternative source of revenue for the country, besides oil.

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