Kuwait – Mubasher: Injazzat Real Estate Development Company reported expanding its footprint in 2016 through investment opportunities in the US housing market, Al Anba newspaper reported, citing the company’s CEO Faisal Al Shaya as saying.

Al Shaya added that the company’s assets grew 6.5% to KWD 103.9 million by the end of 2016, compared to KWD 97.6 million in 2015.

Expenses and other operating costs declined by 16.7% year-on-year to KWD 4.5 million from KWD 5.4 million, he noted.

Injazzat’s CEO also highlighted that the company is currently developing Al Jaddaf real estate project in Dubai.

In March, the company signed a contract to sell one of its investment assets in Dubai at a value of AED 58 million.

Injazzat’s general assembly had previously approved a cash dividend distribution of 5% of the share’s par value for fiscal year 2016.

In 2016, the company recorded an annual profit growth of 2.9% to KWD 3.16 million from KWD 3.07 million in 2015.