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Jan 2009

  • Dr. AlSayegh: Government Should Support Listed and Non-listed Companies.

    The Chairman and Managing Director of Aknan Global for Real Estate Development, Dr. Hussein Al-Sayegh said the government must refrain from speculating in the Kuwait Stock Exchange with small investors through the multimillion bailout fund, adding that the portfolio should provide support for operating companies in order to gain the highest impact and reflect positively on the market.

    Dr. Al-Sayegh said in an exclusive interview with AlRai that the fund allocated by the government to support the market should not be used to speculate against small investors, rather it must abstain from this and support companies whether listed or not listed by granting them certain contracts or purchase assets of insolvent companies for five years while keeping them under the current administration and mortgage the assets with the portfolio manager as done by the U.S. and European governments, noting that this would strengthen the faltering companies, enhance the position and save them from stumbling, therefore, turn them into a productive and profitable companies which will reflect positively on the shareholders. He stressed that the fund is required to support the core of the companies’ business and not through the purchase of traded stocks because the stock purchase does not save the company.

    Dr. Al-Sayegh pointed that the General Investment Authority intervened to save companies and large financial institutions in Europe and the United States, pumping billions of dollars to do so. Why doesn’t it do the same role to help the troubled domestic companies, especially companies with good assets, but affected by the global financial crisis? he asked. He added that there are other ways to intervene such as to support troubled companies by providing financial assistance for them to purchase their own shares, but the impact would be short-term.

    He said that focus so far has been on giving support to listed companies, while there are non-listed companies that have operational revenues and contribute to economic development in the country. What is required is to support sound companies under certain conditions to allow them to continue their role in economic development.

    Dr. Al-Sayegh said the government had not done their part as they should be, and accused it of intervening to rescue the banks only and has placed strict controls on the banks but did not establish mechanisms for them to implement the decisions or actions taken by the Central Bank, especially in regard to the provision of loans to companies.

    He concluded by saying that many companies changed their plans, strategies and priorities in the light of the current crisis, and that the picture is still vague about the future and predicted that the repercussions of the crisis between the last year and a half to two years.

  • Original Article: http://www.alraimedia.com/Alrai/Article.aspx?id=102658


Aug 2008

  • Flex Resorts and Real Estate Co. K.S.S.C. have been certified to be enclosed in Kuwait Exchange Stock Market (Parallel Market) as of 21st August 2008.
  • AKNAN Global Development for Real Estate Co. has announced the signing of a contract to construct a residential complex in Al-Mahboola Area. Eng. Fawaz Al Najadah said the project is a continuation to the company strategy in expanding regional wise and sector wise.
    He added “Our Real Estate Portfolio is growing very well; it consist of raw lands, development projects and income producing assets. All investments have been selected very carefully based on feasibility and risk diversification”.
    AKNAN found Al-Mahboola as one of the potential areas where demand is increasing. Consequently, it was decided to develop a 2000 sq meters land that lies directly on the Fahaheel Highway. The project contains 2 (two) towers each has a plot of 1000 sq meters and includes a 14 Floors of residential apartments plus the ground floor and mezzanine that will be a Health Club for Men in one tower, and another Health Club for Women in the 2nd tower.
    The complex holds 48 apartments; in total each apartment is approximately 95 sq meters. Eng. Al Najadah mentioned that the timeframe for the project is approximately 18 months. KUD Co. is assigned as the project Manager to guarantee and to complete the project as budgeted.
    AKNAN Global will soon announce another new project concerning Commercial Real Estate Development.


July 2008

  • AKNAN GLOBAL welcomes Mr. Khaled Al Jeaan as Director of Sales and Marketing. He will develop the marketing strategies & the sales plan, in addition to advertising and other media related concepts & activities. He has a long work experience in the hospitality sector that will be utilized as AKNAN is developing hospitality projects.Mr. Al Jeaan graduated from Cornell University - France & Den Haag Hotel School - The Netherlands.
  • AKNAN GLOBAL welcomes Architect Samer Q. Al Bustan as Projects Director. This new challenge is a promotion due to his high performance in AKNAN’s subsidiary KUD (Kuwait United Development) where he best handled Master Plans of mega projects. As AKNAN believe in developing career for its skilled employees. Arch. Samer will be responsible for managing most of AKNAN’s leading projects. Arch Samer holds a Building and Road Survey Diploma in addition to his Bachelor Degree of Architecture from Kuwait University.

June 2008

  • Aknan Global announces the official opening of the new Osaka Japanese Restaurant under the patronage of H.E Makatoshi Mouto the ambassador of Japan to Kuwait. The event was held in high profile with many senior delegates and officials being present, VIP guests included H.E Deborah K. Jones the Ambassador of the USA, and Mohammed Delayt the Ambassador of Morocco together with their accompanying parties. The event was hosted in classic fashion with light entertainment and delicious choices of Japanese cuisines made available for the guests. The landmark restaurant has proven very popular amongst its guests and already enjoys a loyal customer following for its classic Japanese tastes and relaxed settings.


May 2008

  • Aknan Global proudly announces the opening of its new restaurant Osaka Japanese Restaurant.
  • Flex Fitness announces the opening of its new addition of health clubs, Flex Fitness Executive at Shaab Al-Bahry.

April 2008

  • Aknan Global welcomes Engineer Fawaz Al Nigadah as Director of Real Estate & Investment. Eng Fawaz brings to the team a wealth of experience together with his excellent credentials and education. With a Msc Engineering Eng Fawaz will be responsibilities to develop our core business of investments and to enhance the growing number of Real Estate projects under the Aknan umbrella
  • Aknan Global expands Real Estate portfolio, continuing with our aggressive expansion plan, Aknan is pleased to announced its latest real estate purchase. Formerly known as the Al Arbash residential building in Dasman, the building offers a prime location with excellent rental yields. Located in a expanding district of Kuwait City the building is a great added value to the ever expanding real estate portfolio of Aknan.
  • Dr.Hussain appointed as Consultant and guest speaker to represent Kuwait Overland Transport Union at the forth coming Rail Infrastructure seminar held in Dubai between 20th – 22nd May 2008.