KIB real estate unit sees growth
Kuwait, September 16, 2012
Kuwait International Bank (KIB) said its real estate appraisal unit has registered solid growth handling many roles and responsibilities in the Kuwaiti market including appraisal of different types of properties.
Since its incorporation in 1973, the real estate appraisal division (Read) unit has been developing until it became a key reference for governmental authorities, local banks, financial institutions, investment and real estate companies, said a KIB statement.
The division was nominated by Kuwait central Bank to appraise debts settlement real estates in 1986 and has been recently named to undertake real estate appraisal for the companies governed by the Financial Stability Law.
Moreover, it has been certified as one of the entities authorized to evaluate the projects of partnership Technical Bureau affiliated to the Ministry of Finance, in accordance with Law No. 7 of 2008.
The KIB unit, which has been approved by the governmental authorities and supervised by a team of professional engineers, has expanded its record of achievements in the real estate market in the country this year.
Read has recently received the approval of the Ministry of Trade and Commerce as a certified appraiser attributable to the accumulated experience of the division’s technical team, in addition to the credibility and confidentiality of dealing with customers.
KIB real estate division head George Aghajanian said, "Read applies both world renown and technical approaches to its appraisal methods, and due to its high professional performance over the past years, the division has gained the government and market trust, as CBK has recently assigned KIB as one of the authorized parties to appraise real estate to local banks in Kuwait."