Kuwait, 21 July 2024: Kuwait International Bank (KIB), represented by its Real Estate Department, recently delivered its second specialized workshop on the fundamentals of investment and real estate appraisal at Kuwait University's (KU) College of Business Administration. This initiative comes as part of KIB’s support of the “Let’s Be Aware” (Diraya) awareness campaign and the Bank's mission to transfer knowledge and expertise to a wide range of students, whom KIB views as promising future assets. Additionally, this effort is part of implementing its memorandum of understanding with KU to integrate practical studies into the university’s academic curriculum.
This important event saw the participation of Real Estate Expert Eng. Hussam Al-Kolak and Real Estate Advisor Arch. Basil Salem. The workshop was also attended by several faculty members from the university and a group of students from the college.
Commenting on the workshop, Al-Kolak said: “At KIB, we take pride in being an essential and active supporter of students who represent the future generations, entrepreneurs, and leaders of real estate development in Kuwait. As a specialized institution in the investment and real estate appraisal field since our inception, we continue to engage in initiatives that aim to meet the goals of our partnership with Kuwait University.” He also noted that this workshop adopts a set of international standards for real estate valuation and the fundamental factors involved, including the cost approach, the income capitalization approach, and the market sales comparison approach.
On his part, Basil said: “We are pleased to be back at Kuwait University once again. Strengthening our relationships with our partners in the educational sector allows us to unify efforts aimed at enhancing the academic curriculum and increasing awareness among students and faculty members regarding the fundamentals of investment and real estate appraisal. We see such occasions as unique opportunities to directly engage with students and share the experiences and knowledge that enrich their academic journey. Additionally, it reaffirms the Bank's commitment to its comprehensive social responsibility strategy, which embraces the principles of environmental, social, and corporate governance.'
During the workshop, KIB representatives provided a detailed explanation of the concept of real estate investment and its key characteristics, along with several examples of how to invest in the real estate market, both locally and globally. They also clarified the principle of sustainability in the local real estate market and the fundamental pillars that maintain its stability and growth despite the various changes and challenges it continually faces. This included discussions on private and investment housing, commercial buildings, complexes, and more.
The Bank's various administrative and financial services, including Islamic financing, aimed at developing the real estate sector in Kuwait, were also reviewed at the workshop. The discussion also highlighted the real estate appraisal service, which includes property inspections, economic feasibility studies for projects, determination of rental rates for different property units, estimation of construction costs, consultations, technical reports for various real estate projects, and monitoring project implementation and progress stages.
At the end of the event, the university staff expressed their gratitude and appreciation to KIB's Real Estate Department for their efforts in preparing and delivering the workshop, which was rich in knowledge and valuable information. Similarly, KIB representatives thanked the university for the invitation to share their extensive and comprehensive expertise in the field of investment and real estate appraisal.
It is worth noting that KIB's Real Estate Department remains the primary reference for many key government entities, banking institutions, and investment and real estate companies in Kuwait. This is due to the Bank’s continuous provision of comprehensive real estate management services, supported by its extensive experience in this field since its inception as Kuwait Real Estate Bank.
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