In the midst of a heavy police presence, negotiations are continuing between officials of the Ministry of Finance and the National Real Estate Company to implement the administrative decision to evacuate Souq Sharq and hand it over to the Ministry of Finance.
Sources said the company’s representatives objected to the implementation of the eviction under the pretext that their contract was valid and not expired, reports Al-Qabas daily.
In a disclosure on the Kuwait Stock Exchange website today, the National Real Estate Company said that the contract was renewed earlier with the approval of the State Property Committee of the Ministry of Finance during the meeting No. 42 of 2020 on 12/8/2020, where it agreed to extend the contract for a period of twenty years, and the company by paying the rental value of the project until the year 2024, and the Ministry received it without objection or reservation.
The company indicated that it had filed Case No. 13033 of 2022 commercial, civil, full-government / 5, requesting proof that the rental relationship had extended for another twenty years, and the case is still being circulated before the judiciary, noting that it will appeal the administrative decision to cancel it for violating the law in multiple ways.
The company clarified that if this decision is implemented and the company does not obtain a ruling to cancel it, this will have implications on the company’s financial statements represented in the cessation of project revenues, and it is expected that the net revenues that the company will lose 5 million dinars in the event that this decision is not canceled.
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