Latest News
- Six Stores Shut Down In Jahra For Selling Fake Goods
- Peddlers Caught With Drug Pills And Crystal Meth
- PAFN Shuts Down Restaurants And Bakeries Over Violations
- MoI Officer And Lawyer Jailed On Fraud Charges For Bad Cheques
- Thousands Of Bangladeshis Gathered To Pray For Rain
- Kuwait University Symposium Addresses Student Counselors' Role I...
- Kuwait Affirms The Importance Of Group Work In Addressing Common...
- Urgent Call For Kuwaitization: Civil Service Commission Aims For...
- Kuwait Halts Work Permits For Egyptian Workers Amidst New Regula...
- Kuwait Weather Advisory: Strong Northwesterly Winds And Dust Ex...
- Kuwaiti MPs Express Concerns Over Halted Development Projects Am...
- Syrian Expat Teacher Detained For Allegedly Threatening Students...
Restructuring Of Real Estate Sector And Development Of Its Mechanisms Tied To Decisions Taken By Cbk
Secretary of Kuwait Real Estate Union Qais Al-Ghanim says the restructuring of the real estate sector and development of its mechanisms are linked to the decisions taken by the Central Bank of Kuwait (CBK). He stressed that the future of real estate sector is determined by the bank’s financing of the projects.
Al-Ghanim said the banks have the right to review the bank guarantees provided by real estate companies so that the companies can be supplied with loans, indicating that the vague legal situation of some companies affirms the need for the banks to take precautionary measures before approving the loans. He stressed that the consequent crises that the real estate sector suffered have obligated the banks to be stricter in approving loans for financing real estate projects despite the fact that this sector is the second after oil sector in terms of high revenues.
Al-Ghanim revealed that the banks’ decisions in this regard are based on the decisions of Central Bank of Kuwait. He affirmed the need to enhance the stability of the relevant laws that organize the real estate sector in order to avoid negative decisions taken by the banks which can affect the financial procedures and result in delay in allocating loans beyond the specified dates
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
Comments Post Comment