Salhia Real Estate

What Salhia Real Estate does

Salhia Real Estate Company K.S.C. is a Kuwaiti commercial real estate investment and development company founded in 1974 and listed on the Kuwait Stock Exchange under the ticker SALHIA, promoted to the Premier Market in January 2024. The company develops, owns, and operates premium commercial real estate in prime Kuwait City locations, most notably Arraya Tower (a 60+ floor office tower fully leased to anchor tenants including National Bank of Kuwait on 34 floors, Warba Bank on 22 floors, and stc) and the Al-Asima (Assima) mixed-use megaproject (KD 220 million development, the largest commercial project inside Kuwait City). Business model is anchored in recurring rental income from office, retail, hospitality, and entertainment space, supplemented by transaction-based income from divestitures and subsidiary investments.

Internationally, Salhia operates through a 50/50 UK joint venture called Key Property Investments with St. Modwen, whose flagship asset is the Beorma Quarter mixed-use development in central Birmingham (approximately GBP 200 million invested, adjacent to the Bull Ring Shopping Centre). Historically Salhia also ran German nursing home operations through Haddia Holding Company, but in July 2020 divested 90% of that stake for KD 28 million, realizing a KD 21.6 million profit. The company reported KD 16 million in net profit for full-year 2023 (+10% YoY) and KD 2.9 million for Q1 2024, distributing a 15 fils per share cash dividend and a 5% bonus share for 2023.

Leasing activities are handled by an in-house leasing department with major agreements negotiated at the executive level. Salhia holds a 99.7% controlling stake in Al-Asima Real Estate, fully owns Salhia International Investments Ltd (Jersey-based) for UK operations, and maintains minority holdings in The International Investor (TII). Operational assets reached 100% occupancy, and the Assima project achieved an 86% leasing rate by 2021 with retail partners including Alghanim Industries and Sky Zone.

Name

Salhia Real Estate

Legal name

Salhia Real Estate Company K.S.C.

Website

https://salhia.com

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

101–250 employees

Short description

Salhia Real Estate Company K.S.C. is a Kuwaiti-listed commercial real estate developer and landlord, owning and operating Arraya Tower and the Al-Asima (Assima) mixed-use project in Kuwait City, plus UK mixed-use assets via the KPI joint venture with St. Modwen, serving large corporate tenants and government entities.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Lessors of Real Estate (5311), Real Estate Property Managers (53131)

SIC

Lessors Of Real Property, Nec (6519), Investors, Nec (6799)

akta.pro primary industry

Hospitality (Hotels & Resorts) Asset Management (BPAJAMAE)

akta.pro secondary industries

Residential Real Estate Asset Management (BPAJAMAA), Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Commercial real estate
• Property leasing
• Real estate development
• Mixed-use property
• Real estate investment

Headquarters

HQ city

Safat

HQ country

Kuwait

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Others

Revenue model

1. Commercial Property Leasing: Salhia Real Estate generates revenue primarily through leasing office, retail, and hospitality spaces in its owned properties in Kuwait (Arraya Tower, Al-Asima/Assima project), the UK (Beorma Quarter, Farnborough), and Germany (nursing homes via Haddia Holding). Rental income is recurring, with pre-leasing initiated before project completion.
2. Subsidiary and Investment Income: Salhia holds stakes in subsidiaries and investee companies. For example, Assima Real Estate subsidiary had its capital increased by KD 30 million. Salhia also divests from investments to realize returns (e.g., sale of Elephant & Castle for £80 million; sale of 90% stake in a German subsidiary for KD 28 million).

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Salhia Real Estate is a Kuwaiti real estate investment and development company that owns, develops, and leases premium commercial properties in Kuwait, the United Kingdom, and Germany. Its core offering is the leasing of office, retail, and hospitality space in flagship Kuwait City assets such as Arraya Tower and the Al-Asima (Assima) mixed-use megaproject, supplemented by international operations including the Beorma Quarter regeneration project in Birmingham, UK, and German nursing home operations through Haddia Holding. The company generates recurring rental income from leasing to large corporate tenants and earns additional returns from subsidiary and investment divestitures.

Product overview

Salhia Real Estate is a Kuwaiti real estate investment and development company operating a diversified portfolio of commercial properties across Kuwait, the United Kingdom, Germany, and Bahrain. The company's core offerings include flagship properties in Kuwait (Arraya Tower office building and the Al-Asima/Assima mixed-use megaproject in Kuwait City), international developments (Beorma Quarter regeneration project in Birmingham, UK), and subsidiaries (Haddia Holding providing nursing home services in Germany). The company historically owned the Elephant & Castle Shopping Centre in London and invested in Bahrain Bay. Salhia focuses on income-producing assets with value growth potential through active asset management and redevelopment initiatives.

Differentiator

Problem solved

Functional benefit

Products and services

• Arraya Tower A premium commercial office tower in Kuwait City, fully leased to major corporate tenants including National Bank of Kuwait (34 office floors) and Warba Bank (22 floors). Serves as anchor institutional-grade office space in the Kuwait City CBD.
• Al-Asima (Assima) Mixed-Use Project Major mixed-use commercial development in Kuwait City comprising retail, leisure, entertainment (including a National Geographic family entertainment center), and office spaces. Described as the largest commercial project inside Kuwait City, with KD 220 million total project cost and partial opening achieving 86% leasing.
• Beorma Quarter A flagship mixed-use regeneration project in Birmingham, UK, comprising retail, leisure, offices, residential, and hotel development adjacent to the Bull Ring Shopping Centre. Salhia invested approximately GBP 200 million with construction cost of GBP 160 million and expected completion end of 2018. Operated through Key Property Investments (KPI), a 50/50 joint venture with St. Modwen.
• Haddia Holding Nursing Homes (Germany) Subsidiary operations providing nursing home services for senior citizens in Germany. Properties are rated 'Best Consumer Friendly' under the German law of transparency of quality of nursing homes. In 2020, Salhia divested 90% of its stake for KD 28 million (realizing KD 21.6 million profit).
• Bahrain Bay Development A USD 125 million real estate development investment by Salhia in the Bahrain Bay project in the Kingdom of Bahrain.

Quantifiable outcome

• 100% occupancy achieved across all existing properties and required occupancy rates in hotels
• +5 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered major and core.

• Kuwait MunicipalitymajorStrategic or Co-development Partner · 13 September 2022Salhia signed an agreement with Kuwait Municipality for the development of Osman ibn Affan Street, adjacent to the Assima project. This public-private development agreement supports urban development around Salhia's flagship project in Kuwait City.
• Alghanim IndustriesmajorChannel Partner/ Reseller/ Distributor · 30 September 2018Assima project signed partnership with Alghanim Industries and Sky Zone in September 2018. The project saw a 56% rise in leasing spaces as a result of these partnerships. Alghanim Industries is a major diversified conglomerate in Kuwait.
• Sky ZonemajorChannel Partner/ Reseller/ Distributor · 30 September 2018Assima project signed partnership with Sky Zone and Alghanim Industries in September 2018. Sky Zone is an entertainment/recreation operator. The partnership contributed to a 56% rise in leasing spaces at the Assima project.
• Key Property Investments (KPI)coreStrategic or Co-development Partner · 2 December 2013KPI is a 50/50 joint venture between Salhia Real Estate Company K.S.C and St. Modwen (UK). KPI acquired the Elephant & Castle Shopping Centre in May 2002 for £29.25 million (sold in December 2013 for £80 million). KPI also manages the Beorma Quarter development in Birmingham and other UK properties.
• Al-Asima Real EstatecoreStrategic or Co-development Partner · 15 June 2011Salhia acquired 99.7% of Al-Asima Real Estate by April 2012, purchasing 371.28 million shares. Al-Asima owns the Al-Asima (Assima) project, a major mixed-use commercial development in Kuwait City. Salhia holds a controlling stake in the project company.
• Haddia Holding CompanycoreStrategic or Co-development Partner · 1 January 2009Haddia Holding Company runs Salhia's investments in Germany, providing nursing home services for senior citizens. In 2020, Salhia sold 90% of its stake in the German subsidiary for KD 28 million, generating KD 21.6 million in profit. Properties are rated 'Best Consumer Friendly' under German law.

Scale indicators16 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• British Land: UK-listed REIT focused on office-led and mixed-use campuses; a broad-incumbent comparable on asset class and capital-markets profile for Salhia's UK office/retail exposure via the KPI JV.
• Land Securities (Landsec): UK-listed commercial property REIT with prime office and mixed-use assets; comparable to Salhia in office leasing economics and capital-structure approach in the UK market.
• Hammerson: UK-listed specialist retail-led and mixed-use property owner (e.g., Bullring-area assets); directly comparable to Salhia's UK retail/destination assets and the Beorma Quarter retail component.

Direct peers

• Mabanee Company: Kuwait-listed real estate investment company and direct domestic peer; owns and operates The Avenues, Kuwait's largest shopping mall, and is exposed to similar Grade-A retail/mixed-use asset dynamics in Kuwait City as Salhia's Assima project.
• National Real Estate Company (NREC): Kuwait-based real estate developer and investor with operations across the GCC; comparable to Salhia in scale and business mix of commercial and mixed-use development in Kuwait and the wider Gulf.
• Kuwait Real Estate Company (KREC): One of the oldest Kuwaiti real estate companies, listed on Boursa Kuwait; operates a portfolio of commercial, residential, and investment properties, making it a close comparable for Salhia's diversified Kuwait holdings.
• St. Modwen Properties: UK commercial property developer and Salhia's 50/50 JV partner in Key Property Investments (KPI); operates and develops UK commercial, residential, and mixed-use assets directly comparable to the Beorma Quarter.
• Tamdeen Real Estate Company: Kuwaiti-listed real estate investment company focused on commercial, retail, and mixed-use developments; close comparable in asset class and target tenant base to Salhia's Arraya Tower and Assima assets.

Regional players

• Aldar Properties: Abu Dhabi-listed real estate developer and asset manager with a diversified GCC portfolio of residential, commercial, and retail assets; a regional comparable for Salhia's commercial real estate investment and development model.
• Emaar Properties: Dubai-listed developer of large-scale mixed-use and commercial real estate across the GCC and internationally; useful regional benchmark for Salhia's megaproject approach (e.g., Assima, Beorma Quarter).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Salhia Real Estate