In a continuation of its strategy of developing future generations and expanding their expertise, Kuwait International Bank (KIB) delivered an academic lecture at the College of Architecture at Kuwait University. The seminar, presented by a team from the Real Estate Department, came in response to the College’s invitation to discuss the foundations of investment and real estate evaluation, and took place at the University’s headquarters in Adailiya in the presence of several members of its teaching board and a large group of students.
Speaking at the seminar, Eng. Fahed Al Saleh, Manager of the Real Estate Advisory Division at the Bank’s Real Estate Department, and Eng. Basil Salem, Senior Real Estate Resident Engineer in the Bank’s Real Estate Appraisal Department, relayed their expertise and technical knowledge in the real estate field to the participating Kuwait University students.
The symposium opened with an overview of the bank's history in the real estate field, which extends for more than five decades since its inception in 1973. Al-Saleh explained what real estate investment is, what its most prominent characteristics are, and laid out a set of examples of how to invest in the real estate market both locally and globally. He also explained to the students its importance ,as one of the best tangible assets that maintain their stability and that are considered more sustainable compared to other assets, despite the various changes and circumstances that constantly occur to it. Al-Saleh discussed differences between types of real estate, such as residential, investment housing, commercial buildings and complexes, and others.
Moreover, Al-Saleh shed light on various administrative and financing services, including Islamic financing, which is aimed at developing the real estate sector in the State of Kuwait. This is done through focusing on one of the most prominent of these services, real estate valuation, which includes real estate inspection for clients, completion of economic feasibility studies for projects, determining rent for various real estate units, as well as estimating the cost of construction, providing consultations and technical reports for various real estate projects, and following up on their implementation and completion stages. He added that real estate valuation is one of the most prestigious fields of work in the world, owing to the expertise it requires, an accurate and detailed engineering view, and scientific applications to reach a fair value for the property being evaluated.
For his part, Salem touched on some of the factors that may directly or indirectly affect the value of real estate, elaborating on natural and organizational factors, as well as economic and social factors. Salem also explained the methods and means of reaching a fair value of real estate in light of these factors, the most important of which is the cost method, the income capitalization method, and the method of comparison with real estate market sales. He presented a set of examples within the Kuwaiti market and the impact of architectural design on the economic feasibility of real estate projects, discussing them in detail with students.
On the other hand, faculty member at Kuwait University’s College of Architecture, Dr. Shahd Khalifa, confirmed that the main objective of organizing this symposium is to educate architecture students all about the concepts of the real estate market and the foundations of real estate investment and evaluation, within the framework of the distinguished role that Kuwait University plays in qualifying young national cadres.
At the end of the symposium, the university team extended its gratitude to the Real Estate Department at KIB for preparing and presenting this knowledge-rich symposium. Likewise, Al-Saleh thanked Kuwait University for inviting him to participate in the seminar and to transfer KIB's extensive and comprehensive experience in the field of real estate investment and valuation to students and interested parties.
It is worth noting that the real estate management at KIB is considered a major reference for many of the most important governmental agencies and banking institutions, as well as investment and real estate companies. Thanks to the long and extensive experience that KIB has in this field since its inception in 1973 under the name ‘Kuwait Real Estate Bank’, they constantly request support and continuously use the integrated real estate management services at KIB.
Eng. Fahed Al Saleh, Manager of the Real Estate Advisory Division at the Bank’s Real Estate Department