Celebrating over five decades of excellence and innovation in real estate development
An official lease agreement has been signed with Warba Bank to exploit rental areas exceeding 9.7 thousand square meters Arraya Tower that will be available after the end of National Bank of Kuwait's contract.
The company succeeded in exiting a number of local and international real estate investments, achieving profits of more than 7.5 million K.D.
Adding to the company's success in strengthening its financial position, early payments of credit facilities for the parent company contributed to reducing finance costs in the company's income statement.
Al-Assima Project: The total leased areas in the commercial complex of the project totaled to 53,550 m2 by the end of 2019, accounting for 73.5% of the total leasable areas in the complex.
Car Parking Development: The company added the first service of payment via K-NET gateway in Kuwait state at its facilities, easing the parking pay machines process through the distribution of the KNET machines at the parking exits at Salhia Commercial Complex and Arraya Commercial Centre, also installed an automated guidance system within its parking facilities to help motorists identify vacant positions, In addition to electronic charging stations to charge electric vehicles.
Al-Assima Project: During the year, the company encountered a difficult challenge, a fire occurred on the site of the Al-Assima project on Friday 30th June 2017. The construction of the project had to stop temporarily. The company's management coordinated with its consultants to assess the effects of the accident. Thankfully, the fire did not have any impact on the financial position of the company.
Project Rental Works: Salhia was successful in completing several lettings of commercial space with both local & international companies & institutions famous and well-known internationally and locally. They include the following (Galeries Lafayette), (Monoprix), (Cinescape), (UFC GYM), (National Geographic Ultimate Explorer). The area leased in the commercial complex is approximately 31,000 m2 representing 43% of the total lettable area.
Sahab Tower: In 2017, Salhia Real Estate Company celebrated the 20th anniversary of the Sahab Tower with 100% occupancy rate since its establishment in 1997 with its excellent services provided by Salhia Real Estate Company.
The overall works were cast at the Al-Assima project basements level and starting to rise above the ground surface level and cost a number of columns which will carry the ceiling of the first mezzanine.
The Company signed a contract with Marriott International Company for the management and exploitation of the hotel intended to be built.
During the development works of the project, the Company coordinated with the marketing consultant to lay down the final plans for the overall usages and their distribution in the project, and starting in parallel form with the execution stage in the marketing process of the big areas locations to be exploited as hypermarket, entertainment activities and cinemas.
Salhia Real Estate Company secured the necessary approvals and permits to set up the Al-Assima Project which consists of a unique blend of commercial and investment properties located in the Sharq area with total area of 21,414 sq.m.
The Company laid down the cornerstone for the execution of the project in the fourth quarter of 2015, whereby the executive and technical works were entrusted to major specialized companies.
This year Salhia Real Estate Company Commemorated its 40th anniversary celebrating. Under sign "40 Years In Creating Value"
JW Marriott Hotel- Kuwait Commemorated its 10th anniversary celebrating. The hotel also won award "the Best Luxury Business Hotel 2013" (by the World Luxury Hotel Awards), And Certificate from (Trip Advisor Certificate of Excellence) for 2013.
Arraya Ballroom announced the unveiling of its new website at www.arrayaballroomkuwait.com
JW Marriott is undergoing a large renovation to its contents in addition to providing high-speed wireless Internet.
Arraya Ballroom that managed by Marriott International, underwent to a major change with a "New Level of Creativity".
Salhia Real Estate Company has recently signed a long lasting financial agreement in compliance with Islamic rules with one of the local banks amounted 53 million Kuwait dinar to reschedule Al Asima company debt.
Salhia Real Estate company successfully managed to raise its capital by 20%. This capital increase allowed the company to buy 50% of Al-Asima and thus be a wholly owned subsidiary.
Salhia acquires circa 50% stake of Al-Asima Real Estate Company, which owns Al-Asima Project.
Arraya Tower II commenced actual operations letting 82% of the tower to a range of local and international companies.
Salhia International Investment, Ingleby was granted a unanimous planning consent for The Beorma Quarter Project, located in Birmingham, UK.
Establishment of Al-Asima Real Estate Company with a capital of KD 80 million, through a 50/50 joint venture between Salhia Real Estate Company and The National Bank of Kuwait and its clients.
Salhia Real Estate Company sells Al-Asima land to Al-Asima Real Estate Company for KD 115 million.
Received planning consent for Al-Asima Project in July 2006.
The Board of Directors of Salhia Real Estate Company agree to merge Haddia Holding Company with its affiliates DANA and SAREC.
Commenced construction of Arraya Tower II.
Grand opening of Arraya Tower project
Grand opening of Marriott Courtyard Hotel in Kuwait
Establishment of Drawbridge Securities a UK joint venture, specializing in land option investments.
Completion and opening car parking that serves Salhia Complex during the third quarter of 2003.
Salhia Real Estate Company obtains official approval from all parties to commence development of the Arraya Tower project.
Grand opening of Al-Sahab Tower.
Establishment of Key Property Investments, a 50/50 joint venture with St. Modwen Properties to become a gateway to Salhia Real Estate Company's investments in the UK real estate market with a capital of 25 million Pounds Sterling on 16/5/1997.
Commencement of operations of Salhia Complex immediately after liberation 100% occupancy over a short period of time and complete emergency repairs for the Le Meridien Hotel Kuwait and commence operations.
Obtained a formal approval from the Ministry of Trade and Industry for listing Salhia Real Estate Company in the Kuwait Stock Exchange, converting it from a private to a publicly listed company on 10/2/1980.
Grand Opening for Le Meridien Hotel Kuwait on 15/6/1980
Grand opening of Salhia Complex in the third quarter of 1979
Construction begins in Salhia Complex project.
Establishment of Salhia Real Estate Company with a capital of KD 5.5 million, of which KD 3.575 was called.
Dana has completed in October 2016 the refurbishment work of one of its senior residences in Bad Pyrmont, to bring this residence up to market standards to meet the current demand for spacious apartments for elderly residents. To achieve this, several small studio apartments were merged into attractive larger and spacious apartments equipped with the latest amenities and facilities for senior residents. Similar refurbishment work on the second residence will start in 2017.
Dana started with refurbishment works in one of its senior residences in the town of Bad Pyrmont, in order to meet the changing market demand for spacious apartments.
In 2014, Dana completed the construction of the two "Dana Lifestyle" properties with a total of 34 apartments.
Haddia commenced with the construction of the first such building in Lauenburg which is located near Hamburg, and started with the pre-construction preparations of the second building which is located in the city of Eutin close to the Baltic Sea.
In 2012, DANA was selected among the best rated operators of nursing homes in Germany.
The company has acquired two plots to provide affordable nursing homes for the elderly.
Haddia created a joint-venture named "Dana Lifestyle", a property type that covers all the needs of elderly people with full comfort but at a low budget.
Dana Lifestyle modern properties will consist of 16-18 apartments, Haddia plans to start construction in 2012.
During 2011 the first property of Haddia group received the ISO 9001 certification. It is intended that further properties should receive the ISO 9001 certification during 2012 and 2013.
Several properties of Haddia received best grades under the grading system set by the health insurance companies.
Lindenhof Nursing Home was extensively modernised.
Wiesenweg Senior Residence was modernised.
Haddia built Fuenf-Seen-Allee Nursing Home.
Appen Nursing Home was built.
Waldstrasse Nursing home was renovated.
Klingenberg Nursing Home was bought.
Wiesengrund Nursing Home was built.
Buchenhof Nursing Home was bought.
Oderblick Nursing Home was purchased.
Lindenblick Nursing Home was bought.
Renovated Holderbusch nursing home.
Holderbusch Nursing Home was acquired.
Lindenhof Nursing Home was purchased.
Fridastrasse Nursing Home purchased.
Lister Meile Nursing Home was acquired.
Waldstrasse Nursing home was acquired.
Brunnenkolonnaden Senior Residence was acquired.
Wiesenweg Senior Residence was acquired.
Wohnen am Schloss Senior Residence was acquired.
Haddia Holding GMBH established.
The KPI portfolio continues to perform well and to benefit in revaluations under the rising market. The sale of "Washwood Heath" completed in January at over £24m and further sales activity throughout the year will result in a total sales of just over £40 million.
Contracts have recently been exchanged at over £24m on one of the largest assets in the portfolio, with completion set for January 2017, resulting in a good profit to the company.
The sale of the Leicester Road, Rugby retail park, which completed in November, has resulted in a good profit. Further sales are programmed.
Opening new multiscreen Vue Cinema in the heart of Farnborough town Centre.
Salhia Real Estate Co. has completed the sale of Elephant & Castle with 50/50 joint venture company KPI for £80m in cash to Delancy and APG.
Development and refurbishment at Farnborough town center, another significant property ownership in the portfolio
Continued advancement is being made on the mixed use town centre scheme at Farnborough, in particular, signing on a cinema operator.
KPI secured the necessary approvals to develop its property in Rugby, UK.
KPI obtained planning consent to further develop Boughton, Leicester and Mills Road
18.48 Hectares of Petre Court (Accrington, UK) was sold.
1.62 Hectare of Petre Court was retained and developed as a business park
Gained planning permission for Maxted Road (Hemel Hempstead, UK)
Construction begins in Farnborough
Trafford Park pre-sold and development commenced and completed.
Conditional planning consent was obtained by KPI for partial redevelopment of Queensmeed and Kingsmead Shopping Centre in Farnborough to create a major new mixed-use scheme on the site
The Malls (Basingstoke, UK) was purchased.
Elephant and Castle (London, UK) was purchased.
Purchase of Alstom portfolios including:
Purchase of Marconi portfolios including:
Key Property Investments a UK limited company owned equally by Salhia and St Modwen Properties PLC was established.
Queensmead and Kingsmead (Farnborough, UK) was acquired.
Phase 1 of the Beorma Quarter having been completed, the 108 room Adagio aparthotel has been trading very successfully over the 14 months and is already achieving a 90% occupancy rate. Two floors of the Grade II Listed Coldstore in Phase 1 are under offer with a tenant keen to be in occupation. This will significantly enhance the profile of the scheme.
The first stage of construction was completed in June 2015 on an area of 6,443 sq.m. It includes hotel apartments containing 108 rooms managed by Accor, a leading French company in the field of hotel operation. The hotel was opened in September this year.
The new plans for the Second and Third stages of the project were approved from The council of Birmingham municipality in the UK through Salhia Investment Birmingham Limited.
Salhia Real Estate Co. through Salhia Investments (Birmingham) Ltd (SIBL), has commenced construction of Phase "1" on the Beorma Quarter
Revised planning permission has been obtained, due to a change of use of part of the site for an apart-hotel occupier. Construction will take approximately 15 months and is being financed by HSBC
Acquired site of just under 2 acres in the center of Birmingham
The Peterborough project comprising some 1.4 million m² of freehold land held under option is subject to a proposed planning application for rail related distribution warehousing towards the end of 2011 by the joint venture partner Gazeley Ltd, a wholly owned subsidiary of Dubai World.
Sub option granted on Peterborough options, planning is expected to commence in 2008.
Dorset Street was completed and 3 out of 4 floors let.
Peterborough options were purchased.
Development of Dorset Street commenced.
Dorset Street land purchased.
Peterborough options were purchased.
Drawbridge was established.