KUWAIT: Kuwait International Bank (KIB) announced that it has won a tender to manage the real estate portfolio for Zakat House Kuwait. This important achievement reflects the leadership of the Bank’s Property Management Department in providing comprehensive and distinguished real estate services to all customers. This comes in line with KIB’s commitment to its vital role and its reliance on its accumulated expertise in managing and developing portfolios in the governmental sector and other diverse portfolios.

Commenting on the occasion, Yousef Al-Ojail, Manager of Property Management at KIB, said: “This tender is a testament to the confidence placed in KIB by Zakat House Kuwait as a reliable and trusted partner. The Zakat House real estate portfolio, which will be managed by KIB, includes a group of investment commercial properties located in different areas across Kuwait.”

Al-Ojail praised the high levels of expertise and professionalism exhibited by the KIB Property Management team, as well as their impressive track record of achievements and successes over the past years. He also mentioned that he will work on developing the assets of this portfolio, increasing its annual revenue and income.

This will involve various tasks such as maintenance work, supervision of maintenance companies for the properties within the Zakat House portfolio, attracting bids from these companies, contracting with them, disbursing their payments, and overseeing issues related to properties and tenants. He emphasized the importance of keeping clients informed about all details and updates by preparing comprehensive monthly reports on revenues and expenses for each property separately and evaluating the properties at the end of each year.

Pointing out its long history in asset management, Al-Ojail highlighted that his department was established in 1976 with the aim of providing comprehensive and integrated services for various types of properties at competitive prices. These include commercial complexes, residential buildings, and properties owned by various customer segments. He explained that the tasks of this management include property marketing and management, collecting rents through advanced technological methods, preparing accounting reports, providing maintenance and legal services, and conducting public auctions as requested by property owners.

It is worth noting that KIB consistently strives to provide innovative services and products to a wide range of customers, especially through its entirely new digital real estate platform, KIB Aqari, which it recently launched. This platform is designed for those interested in buying, selling, and renting properties and is backed by the property appraisal request service, which was digitally introduced for the first time in Kuwait.