Kuwait bank eyes $10bn Russian real estate project

GULF CONNECTIONS: Tatarstan president Mentemir Shaimiyev (c) with Russia's President Putin (l) and Saudi Arabia's King Abdullah (r) during a 2007 visit to Riyadh. (Getty Images)

A unit of Kuwait's largest bank has signed an initial agreement to develop real estate projects worth up to $10 billion in Russia's Tatarstan region, official news agency KUNA reported on Tuesday.

It said Turkapital, owned by Islamic lender Kuwait Finance House, had signed a memorandum of understanding with a state-run Tatar company to develop commercial and residential projects worth $6-$10 billion and covering 200 hectares.

Turkapital official Fawaz Al-Isa said the company, set up in 2007 by KFH with a capital of $150 million to invest in emerging markets, was also looking at infrastructure projects in Tatarstan, KUNA said.

KFH, the Gulf Arab state's biggest bank by market value, has announced plans for several real estate projects overseas, including in China and India.

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