KIB hosts ‘The Value of Memory’ event to explore the role of real estate valuation in preserving historic buildings and revitalizing architectural heritage

Kuwait, 9 November 2026: Kuwait International Bank (KIB), in collaboration with the National Council for Culture, Arts and Letters (NCCAL), hosted a special event titled “The Value of Memory: Real Estate Valuation of Historic Buildings” at the Amricani Cultural Centre. The event brought together KIB Vice Chairman and CEO Raed Jawad Bukhamseen, Secretary-General of the National Council for Culture, Arts and Letters Dr. Mohammed Khaled Al-Jassar, Dr. Hassan Ashkanani, Professor of Anthropology, Archaeology and Cultural Heritage at Kuwait University, and a representative of the Royal Institution of Chartered Surveyors (RICS). Also in attendance were senior KIB executives, officials, experts, and specialists in heritage preservation, real estate, and investment.

The event highlighted the importance of developing specialized approaches to valuing historic buildings that consider their cultural and historical significance alongside their economic value. Such approaches support informed decisions on preservation and restoration while striking a balance between protecting architectural identity and national heritage and ensuring economic sustainability.

Bukhamseen: KIB’s real estate expertise is key to developing sustainable practices that preserve Kuwait’s architectural heritage

Commenting on the occasion, KIB Vice Chairman and CEO Raed Jawad Bukhamseen stated that the Bank’s extensive real estate expertise serves as a key foundation for advancing professional practices in Kuwait’s real estate sector and strengthening its ability to meet sustainable development requirements while preserving the country’s architectural and historical heritage.

He added that KIB continues to leverage its longstanding expertise in the real estate sector, alongside its investments in technology and digital solutions and partnerships with professional and academic institutions, to help advance real estate valuation standards, enhance transparency, and support informed investment decisions based on sound professional practices.

Bukhamseen said: “The value of a city is measured not only by the new buildings it constructs, but also by its ability to preserve its historic landmarks and draw on its architectural heritage to shape its future. Since its establishment in 1973 as Kuwait Real Estate Bank, KIB has acquired extensive expertise in real estate financing and valuation, property management, consultancy, and feasibility studies. We view this legacy as a professional responsibility and a foundation upon which we can contribute to the development of Kuwait’s real estate sector.”

He explained that valuing historic buildings requires consideration of their historical, cultural, and architectural significance alongside their economic value to support informed decisions on preservation and restoration. He emphasized that preserving architectural heritage and achieving economic viability are not conflicting objectives, but can be pursued together through accurate professional valuation, specialized expertise, and international best practices. This approach helps safeguard Kuwait’s architectural heritage and preserve its value for future generations.

Collaboration with KIB strengthens national efforts to preserve architectural heritage

From his side, Secretary-General of the National Council for Culture, Arts and Letters Dr. Mohammed Khaled Al-Jassar expressed his pride in the strategic collaboration with KIB in organizing this specialized event, which highlighted the importance of historic buildings as an integral part of Kuwait’s national identity and cultural memory. The event also explored ways to develop real estate valuation approaches that take into account the historical and cultural significance of these buildings alongside their economic value.

He emphasized that this collaboration underscored the importance of coordinated efforts among national institutions, the banking sector, and academic and professional organizations. He added that partnerships with institutions possessing specialized expertise, such as KIB, facilitate knowledge and expertise sharing and broaden discussions on best practices in heritage asset valuation. Such efforts help strike a balance between preserving cultural heritage and leveraging its potential to support economic and creative development.

Specialized sessions explore architectural heritage, the creative economy, and international standards

The event featured opening remarks, specialized presentations, and an in-depth panel discussion. The program began with the national anthem, followed by remarks from Marwa Marafie, Manager of the Corporate Communications Department at KIB, and Dr. Mohammed Khaled Al-Jassar.

Meanwhile, Dr. Hassan Ashkanani of Kuwait University presented a paper on historic buildings in Kuwait, highlighting the historical and aesthetic significance of the country’s architectural heritage. For his part, Eng. Jaber Al-Qallaf of the National Council for Culture, Arts and Letters delivered a presentation on creative economy projects.

Eng. Fahad Al-Saleh, Executive Manager of Real Estate Advisory and Digital Solutions at KIB’s Real Estate Department, also gave a presentation highlighting the Bank’s expertise and digital solutions, while Verity Ramsden, MRICS, IHBC, Heritage Viability Specialist, representing the Royal Institution of Chartered Surveyors (RICS), outlined relevant international standards.

The event concluded with a panel discussion, led by Arch. Basil Salem, Real Estate Advisor at KIB's Real Estate Department, exploring ways to balance heritage preservation with economic value creation and development. This was followed by a Q&A session that provided an opportunity to exchange views on the challenges and opportunities associated with valuing and repurposing historic buildings.

Decades of real estate expertise and integrated solutions

Jassim Al-Abdulhadi, General Manager of KIB’s Real Estate Department, noted that the Bank offers a comprehensive range of real estate services covering every stage of investment, from financing and planning to valuation, property management, and smart technology solutions. He added that the Bank’s connection to Kuwait’s architectural heritage is also reflected in its headquarters, located within the Joint Banking Complex in the heart of Kuwait City, an architectural landmark associated with the evolution of architecture and banking in the country.

Regarding real estate valuation, Al-Abdulhadi revealed that the Bank conducts around 21,000 property valuations annually, adhering to the standards of the International Valuation Standards Council (IVSC) and the Royal Institution of Chartered Surveyors (RICS). The Bank also draws on an extensive real estate and historical database containing records of more than 75,000 on-site property inspections conducted between 1980 and 2026. In addition, KIB uses a digital geographic valuation map that enables real-time analysis of property price levels.

Digital transformation and advancing professional practices

During the event, Eng. Fahad Al-Saleh highlighted the Bank’s digital and property technology (PropTech) efforts, including the development of its “KIB Aqari” digital platform through its Digital Factory. The platform aims to digitize real estate valuation services and enable seamless, real-time tracking of transactions.

The Bank’s digital solutions also include property management services, such as automated rent collection, as well as tools for monitoring cash flows and expenses. KIB has also launched an initiative for accredited valuers to support the advancement of professional practices in the real estate market.

As part of its efforts to build capabilities and strengthen professional and academic partnerships, KIB continues to collaborate with the Royal Institution of Chartered Surveyors (RICS) to offer specialized training programs in the valuation of heritage and historic buildings, public-private partnership (PPP) projects, and hospitality developments. The Bank also works with Kuwait University’s College of Business Administration to equip young professionals with skills in financial and real estate analysis.