NREC organized on Sunday, 6 May 2007, an orientation seminar for the inauguration of one of its projects, Aqaba National Real Estate Projects Company (ANREPCO), at the Holiday Inn Downtown. The seminar was attended by a number of key figures, company shareholders, and major investors inside and outside Kuwait.
The seminar was inaugurated by a welcoming word by NREC’s Chairman and Managing Director, Mr. Jamil Sultan Al-Essa, who stressed on the significance of economic growth in Kuwait through investment expansion inside and outside Kuwait for its leading companies. Furthermore, he confirmed that the policy of NREC is a firm policy towards expansion in its successful foreign investments in the Middle East region and abroad, as part of its belief in the significance of activating Arab cooperative work and reinforcement of Arab investments in Arab and Islamic countries who are active in economic growth throughout region.
Mr. Jamil announced the company’s official inauguration of Aqaba Project, pointing that this is an activation of the company’s firm policy towards successful regional expansion. NREC incorporated ANREPCO in partnership with Aqaba Development Company, as a private joint stock company, aimed at providing real estate development in Aqaba. This company was granted the right to invest, develop and construct two projects in Aqaba over an area amounting to approximately 2 million square meters. He said that the incorporation of ANREPCO was done according to a participation ratio of 70% for the Kuwaiti side and 30% for Aqaba Development Company (Jordan), whose total paid up capital amounts to $37 million.
The ceremony was well attended by key investors who expressed their admiration for the project.