In Kuwait, the indication of growing real estate sector includes restaurant complexes facing the seaside, which is perhaps the reason why it attracts more customers each day.
According to Kuwait Times, in the recent years, a total of nine restaurant complexes sprouted, indicating the significant growth. It started from from Al-Kout Mall in Al-Fahaheel city to Kuwait Towers at the Gulf Street. Half of the complexes were built just about three years ago and the reason seen why investors are being forced to fund such project to boost tourism in Kuwait is due to its seasonal nature, which sometimes, does affect the revenues.
The customers, however, have various options from restaurants to cafes, which are all in single locations overlooking the sea. Real estate experts say that the reason behind this phenomenon is the continiouos success in the restaurant sector, that and the lack of entertainment and other cultural places in the country, Kuwait Times adds.
On average, consumers spend KD2 million daily ($6,574,410) in the restaurants alone. A total of 5,000 establishments are visited by about 615,000 people on a daily basis. Director General of 'Daam' Real Estate Development Company Gazal Al-Mufti, one of the first to venture into such complexes, says that they also offer comfortable accodomation for family gatherings and other socializing events.
To date, this sector is considered one of the most successful and profitable in Kuwait and the Gulf region. In fact, based on recent statistics, about 10 percent of Kuwaiti people go to restaurants daily. It has been growin since 2012, which recorded a revenue of KD 1.5 billion and jumped to KD 2.2 billion in 2014, showing a 15 percent annual growth, clearly indicating the boom.
As a response, managers and owners are coming up with various food concepts and creating food fusions.
Director of Al-Dlaijan real estate office, Slaiman Al-Dlaijan, said that the strong purchasing power of the Kuwaiti people make a huge difference as it helps and encourage the growth of the businesses.