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Al Saqer.
As a leader in the field of real estate development in Kuwait, Salhia Real Estate Company aims to develop exceptional properties that stand proudly across Kuwait's skyline, characterised by both the quality of their construction and the creativity of their design.
With this in mind, architects are given the freedom to develop unique designs with timeless luxury and elegance.
Arraya is the latest in a series of such commercial investment projects by Salhia Real Estate Company.
Salhia owned the tallest building in Kuwait back in 1996, namely the Sahab Tower. In 2003, the Arraya tower will be the tallest in the country, rising 29 storeys above a shopping centre.
'Arraya' in Arabic means the emblem on top of a flag or the emblem representing a country. This name reflects the pioneering and leadership position of the property and its owning company.
Arraya is a product of Salhia Real Estate Company's commitment to developing world-class properties that symbolise corporate Kuwait and playing a vital role in Kuwait's development while adhering to its mission of maintaining a leading position in the real estate sector.
It is a unique, integrated real estate solution combining a shopping centre, hotel, conference centre, offices and entertainment plaza.
Arraya is located in a prime downtown location in the heart of Kuwait City, a rapidly evolving commercial environment. It offers the ideal business address for those who want to be in close proximity to this new arena for enterprise.
The selection of this location reflects Salhia Real Estate Company's confidence in investing in the Alasima area (capital). The location also provides smooth and easy access from the Kuwaiti residential areas. In addition, Salhia Real Estate Company aims to extend the commercial and financial district from the city centre to Sharq area through Al-Shuhadaa Street.
The multi-component Arraya comes in the wake of the success already achieved with the Salhia Complex, a multi-purpose property comprising a shopping centre, offices and hotel, developed by Salhia in 1979. It has also been designed to meet to the current scarcity of modern multi-purpose commercial premises in Kuwait.
Studies
A series of studies were conducted on the Arraya Complex to ensure its financial viability and its ability to cope with the demands placed on it vis-a-vis its location. The studies focused on various financial parameters with particular regard to revenue returns, project costs, time scale, breakeven point, as well as its commerciality in the light of the circumstances of the local market.
Furthermore, the study focused on the prevailing economic and real estate market conditions; a description of the project and its component parts; an assessment of its financial viability through a development appraisal and cash flow with an internal rate of return and a commentary on the target market.
The outcome of these studies was very promising and encouraged the company to proceed with the project.
Salhia Real Estate Company is also implementing an on-going review and analysis for these studies to constantly evaluate and test them.
Benefiting from its experience in setting up the Salhia Complex, the company has been able to anticipate the type of traffic problems that could be encountered in Arraya and take suitable measures.
Accordingly, Salhia conducted a series of research studies to ensure that Arraya meets the traffic requirements at its peak time. Arraya is supported by a state-of-the-art multistorey car-park featuring the following:
Tenancy
Since Salhia launched the Arraya and started the leasing process with its leasing agent Healey & Baker, the company has received hundreds of tenant proforma applications by local and international companies seeking space in the complex.
The retail mall provides the grounding for a carefully assessed tenant mix plan with a collection of new international retailing names for the first time in Kuwait, in addition to the leading brands already present in the market.
Therefore, the company was very selective in choosing its tenants which have to qualify to the prerequisites set by the management and the positioning of Arraya. Among the many tenants which qualified for Arraya are Habchi & Chalhoub Company, a major retailer for exclusive brands who operates shops such as Tanagra, Luis Vuitton, Lacoste, Paul Smith and other luxury brands, Chaumet, Mont Blanc, Dianoor, Brioni, Zegna, Celine, Burberrys, Geneva Watches, Richoux Café, Ontime Watches, International Optique, Oilily, Sasch, The Comfort Shoes Company (Escada, Gigi Magli etc.) Hagen Dazs, New Man, Jacadi, Bally, Nokia, Anoushka, La Perla, Women Secret, Charles Jourdan, Mini Man, Caribu, Black Boushiya, Why and Half, The Collection. Meanwhile, negotiations are under way with other major brands which have expressed interest in Arraya.
Upon completion, Arraya offices will be regarded among Kuwait's best and most exclusive offices, providing the most advanced technology available today and setting new standards in design and future requirements. Advanced negotiations with the finest names in the global business community are in progress to ensure quality tenants in this prestigious building.
Salhia's expectations for the future of Arraya are bright and encouraging despite the prevailing local economic recession. As the Arraya draws closer to completion, Salhia is confident that its objectives are being fulfilled. This comes as a result of the great demand for retail space in Arraya and the efforts of Arraya team members which left no stone unturned to make this property an outstanding landmark.
Salhia
Salhia Real Estate Company, a Kuwaiti shareholding company listed on the Kuwait Stock Exchange, was established in September 1974. The company deals in various real estate activities, in particular the owning and renting out of commercial property, including hotel accommodation in Kuwait.
Such diverse capabilities are met with expertise and efficiency by a staff complement in excess of 1,057 men and women from over 50 countries of origin.
Built on a foundation of quality commitment and a mission to be Kuwait's leading real estate company, Salhia Real Estate Company vision is based on total quality and the provision of an outstanding customer experience, whether the customer is a business traveller, tourist, local resident or visitor.
This philosophy is applied to all the properties owned by the company and is part of an overriding focus on excellence.
Salhia Real Estate Company has systematically expanded its business activities during the past few years and exerted every possible effort to upgrade its business structure and make a substantial growth.
The company has continued to play a vital role in Kuwait's development while adhering to its mission of maintaining a leading position in the real estate sector by adopting modern scientific approaches in the construction business.
Salhia owns Le Meridien Hotel, which is managed by Societe des Hotels Meridien, Salhia Commercial Center, Sahab Tower, Arraya (in construction stage) and other properties in and outside Kuwait. Surplus funds are invested in real estate and securities portfolios managed by others.
The Salhia Complex has become a true landmark in Kuwait as a world-class multi-use property consisting of a hotel, offices and shopping centre. Built in 1979, the Salhia Complex hosts the world's most renowned luxury boutiques and international companies and corporations.
Al Sahab Tower, soaring 22 storeys high on the Kuwait City skyline, has a distinctive architecture and symbolises a delicate equilibrium between utility and luxury.
Le Meridien Kuwait in the heart of Kuwait's commercial and financial centre, is a flagship of the Salhia Real Estate Company and is operated by Le Meridien Hotels worldwide.
The company has continuously invested in renovating and refurbishing the hotel's facilities in order to maintain its leadership position and to enhance its competitive edge among the region's luxury hotels.
Besides the domestic market, Salhia Real Estate Company has expanded into Germany by investing in Haddia, a leading German company engaged in the ownership and management of residences used as nursing homes. Haddia's turnover at the end of 2001 was KD7.14 million ($26.2 million).
Strength can be measured by reputation and Salhia Real Estate Company has, since its inception, grown to be regarded as a truly reliable, respectful and professional operation in Kuwait.
Salhia's projects
Besides Arraya, the company is currently developing the following projects:
Salhia Real Estate Company is also in the process of studying and developing two major projects:
Salhia Real Estate Company will continue to lead the real state development in Kuwait and fulfil its commitment to maintain an outstanding approach with an emphasis on quality that meets the exacting standards of the Kuwaiti society and to bring excellence to the construction industry.
