Kuwait’s Real Estate Market Scenario in 2022 and Economic Outlook in Q1 2023
The economy of Kuwait is on an upward trend in 2023 but the growth is rather slow compared to 2022. This is because of production cuts by OPEC, lower valuations, rising interest rates, and fears of a global recession that could lead to low oil GDP. The real estate market of Kuwait too echoed the market sentiments. The market has recovered from the pandemic, but overall sales have declined by 2.8% for the Jan – Sep 2022 period comparatively for the same period the previous year. Real estate sales decline was more prominent in the private housing sector where sales declined by 34.6% in Jan-Sep 2022 when compared to the same period the previous year. Overall, the housing segment has weakened leading to a decline in year-on-year sales across all segments, and is expected to maintain the status quo in 2023.
Persistence And Determination Makes One a Winner
In such a market scenario, United Real Estate Company, a leading real estate developer in Kuwait and the MENA region announced an increase in net profit in Q1 2023.
Breaking Down URC’s Success Story
The company’s comprehensive and varied CSR program, rather than its profitability, had a lasting impact on the people of Kuwait and earned it the Best CSR Company in Kuwait 2023 – Real Estate Sector award from International Business Magazine. Corporate Social Responsibility is an integral part of URC’s values and corporate culture and is in line with the New Kuwait Vision 2035. While community remained at the heart of URC, it played a pivotal role in the company’s CSR initiatives, focusing on youth and education, the community, and Kuwait’s heritage, as well as empowering the youth of Kuwait.
URC – A CSR Champion
Along with its own development, URC understands the significance of its responsibilities to the country and the society in which it operates. It is committed to using its resources to promote community contributions in the areas of healthcare, education, women’s empowerment, environmental conservation, health awareness, and the environment. The company has implemented numerous initiatives and projects among various segments of society to become an active and engaging partner in the development of Kuwait.
The company strives to provide its employees with a work environment that empowers them and feel valued, respected, and embraced. It provides them with resources to enhance their expertise and skills while supporting their voluntary efforts at the community level.
URC has also contributed to sustainable housing development in Kuwait by enhancing housing projects and innovating modern housing solutions, thus supporting the local economy. Dealing with the community’s aspirations, meeting its needs, and serving its interests are the fundamental aspects of the company’s approach. Thus, the company has succeeded in elevating the concept of social responsibility to a new level that is more innovative and sustainable to serve and develop social and institutional initiatives.
Blog by Amith Raj S
