Kuwait real estate financing plunges amid pandemic

Kuwaiti banks lending to the property sector plunged in the first two months of the year according to reports. (Shutterstock/File Photo)
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Updated 27 April 2021
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Kuwait real estate financing plunges amid pandemic

  • Regional property market has been hammered by the twin blow of the coronavirus pandemic and persistently weaker oil prices

RIYADH: Kuwaiti banks lending to the property sector plunged in the first two months of the year, Al Arabiya reported.

Lending fell 64.6 percent to 224.6 million Kuwaiti dinars by the end of February compared to 692.5 million Kuwaiti dinars in December 2020.

Mortgage finance decreased by 16.8 percent in February 2021 when compared with a month earlier, Al Arabiya said, citing Kuwait Central Bank monthly data.

The regional property market has been hammered by the twin blow of the coronavirus pandemic and persistently weaker oil prices that has dampened consumer demand for new homes in some Gulf states.


King Abdulaziz Airport is among the world’s giant airports after record-breaking 2025

Updated 4 sec ago
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King Abdulaziz Airport is among the world’s giant airports after record-breaking 2025

RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.

This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency

The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights. 

This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience. 

For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years. 

He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co. 

He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030. 

The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.