RIYADH, 25 May 2008 — Kuwait’s Aayan Leasing & Investment Company, in association with 20 affiliated firms, will hold a forum at the Four Seasons Hotel in Riyadh on Wednesday as part of a major drive to strengthen its position in the Saudi market. An exhibition will be staged on the sidelines of the forum displaying the company’s services and products to Saudi investors.
Mansour Hamad Al-Mubarak, deputy general manager of Aayan, said his company decided to hold its third forum in Saudi Arabia to introduce the company and its subsidiaries to Saudis and enlighten them on their points of strength.
He said Ali Thunayan Al-Ghanim, chairman of the Kuwaiti Chamber of Commerce and Industry and chairman of Aayan’s board of directors, would attend the forum. “We hope that the forum would help establish partnership with Saudi firms,” he said. He stressed Aayan’s long-standing relation with the Saudi market, adding that its investments in the Kingdom were successful. Al-Mubarak also noted the potentialities and attractiveness of the Saudi market.
“There are a lot of investment opportunities in trade, industry, tourism and real estate apart from the purchasing power of a growing population,” he said.
Aayan established a company named Janan for Real Estate in the Kingdom’s Eastern Province two months ago with a capital of SR500 million. In this company, Aayan and its clients have a 10 percent stake. Baitut Tamwil Al-Kuwaiti and several Saudi business families have shares in the firm. Al-Mubarak said the capital of Aayan, which was established in 1999, has been increased from $69 million to $239 million this year. Its total assets have reached more than $2 billion while shareholders’ rights rose to $472 million by Dec. 31, 2007.
Aayan specializes in leasing, financing, investment and real estate. “It is one of the first Kuwaiti companies that work in accordance with Shariah,” said Al-Mubarak.
Aayan’s subsidiaries have expressed their happiness over their participation in the Riyadh forum. Abdullatif Al-Mehailan, managing director of Mubarrad Transport Co., emphasized the importance of the fast growing Saudi market. Yousuf Al-Omar, CEO of Aayan Real Estate, said his company was currently managing projects worth $1 billion. “We have already entered the Saudi housing market and Egypt.”
Abyar Real Estate Development Company is another affiliate of Aayan and extends quality services in the Gulf countries. Marzouk Al-Rushdan, chairman of Abyar, disclosed plans to expand his company’s activities to Saudi Arabia and other countries in the region.
Emad Al-Dawood, director general of Rawahil Holding, said his company has established an alliance with Saudi businessman Saad Abdullah Al-Owaidhi, who owns a number of companies and hotels in Makkah and Madinah.