By Gavin Gibbon
Mohammed Jassim Khalid Al-Marzouq, chairman of Tamdeen Group says Kuwait has the best legal structure in the region
Mohammed Jassim Khalid Al-Marzouq, chairman of Tamdeen Group, has revealed why he has no intention of adding to his development portfolio with projects throughout the GCC.
Al-Marzouq told Arabian Business: “Dubai is over-built, Saudi has just been opened and Bahrain is very small. In KSA, the steps it is taking will present opportunities in the future, certainly, while in the smaller market of Bahrain our selection process has to be much more rigorous and relies on numerous factors. As a result, our focus is fully on Kuwait at this time.”
Al-Marzouq is behind huge projects in Kuwait such as 360 Mall; Al Kout, Kuwait’s largest waterfront, retail and leisure destination; Al Khiran, the region’s first hybrid mall; and the three-tower residential complex Tamdeen Square.
He said he was previously looking to invest in an unnamed project outside Kuwait, but pulled the plug on proceedings.
He said: “I believe for me to do any business, the legal structure of a country should protect me as an investor. Kuwait has the best legal structure where I am secured, there is no threat from any outside influence.
“Kuwait has the legal structure that will help me invest in the country.”
The Kuwaiti Government, as part of its ‘Vision 2035: New Kuwait’ programme to reduce its reliance on oil, has introduced many reforms in areas such as health, education, business environment and urbanisation.
“I believe with our projects we are creating more jobs and more opportunities for the private sector, helping tourism, which meets the objectives of the country,” said Al-Marzouq.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.