News & Updates

Dr. Sulaiman Al Abduljader, Vice Chairman and CEO of SANAM Real Estate, announced the signing of a strategic alliance with Dr. Muthana Sartawi to establish an integrated medical center. The announcement was made during the founding assembly meeting of MEDCAP Medical, a subsidiary of SANAM. Dr. Al Abduljader praised Dr. Sartawi's expertise and competence, as well as his regional and international reputation in orthopedic surgery and his development of advanced new systems in this field. Dr. Al Abduljader also highlighted the signing of a Memorandum of Understanding with a global medical care company. The strategic alliance with Dr. Muthana Sartawi and the healthcare company aligns with Kuwait’s Vision 2035, which aims to enhance and improve the quality of healthcare services provided in accordance with the highest global standards. This initiative also seeks to develop national capabilities by targeting and empowering the best medical professionals while benefiting from the global expertise the medical center will offer, thus contributing to sustainable health development. In this regard, Dr. Muthana Sartawi appreciated the strategic partnership with SANAM Real Estate, aimed at achieving high-quality healthcare managed efficiently under the latest global healthcare systems. He noted that the medical center is in the process of being equipped and obtaining licenses from the relevant authorities. The center will include a world-class rehabilitation center specializing in physical therapy, equipped with the latest medical and rehabilitative devices, and highly trained staff to achieve optimal performance in both proactive physical therapy and post-surgical rehabilitation. The medical center will also feature a radiology center and a laboratory to provide comprehensive services to patients and visitors, all with the main goal of offering world-class services. About SANAM Real Estate SANAM Real Estate, headquartered in Kuwait, is a publicly listed company founded in 1982 and listed on the Kuwait Stock Exchange in 2004 with a paid-up capital of 10.5 million Kuwaiti Dinars. The company specializes in long-term and strategic real estate investments in emerging markets. SANAM focuses on investing in high-quality real estate and innovative companies and projects, in partnership with specialized management teams and international partners, to achieve investment returns aligned with the region's sustainable development goals. About Dr. Muthana Sartawi Dr. Muthana Sartawi is a consultant orthopedic surgeon and Director of the Rapid Recovery Center for Joint Replacement at King's College Hospital in Dubai. Dr. Sartawi holds several patents registered with the U.S. Patent and Trademark Office in the field of orthopedic surgery. He is known for developing an innovative technique and specialized program for knee replacement surgeries using minimally invasive methods, allowing surgeries to be performed in a single day and significantly accelerating patient recovery. Dr. Sartawi has performed over 3,000 successful surgeries with a success rate of 98%. His innovative techniques have earned him significant recognition, including awards from the Emir of Kuwait, the Crown Prince, the Minister of Health, and the Dubai Health Authority. Dr. Sartawi holds both American and Canadian board certifications in orthopedic surgery and is a specialist fellow at Rush Hospital in Chicago, one of the top orthopedic hospitals in the U.S.

Sanam Real Estate Company has established “Sanam Capital Holding W.L.L” with a capital of 250,000 KD as a subsidiary company, and the shares were distributed among the partners as for Sanam Real Estate Company K.P.S.C share is 99% and Sanam Innovation Holding Company W.L.L share is 1% (a subsidiary of Sanam Real Estate Company).

The Evli Emerging Frontier Fund has acquired a stake of 5.65% in Sanam Real Estate Company. Evli, a leading Asset Management Company based in Finland managing approximately 18 billion euros, received the award for the Best Asset Management Company in Finland according to Kantar Prosperas survey. The fund also won the Lipper award for the Best Emerging Markets Equity Fund in Europe in 2023. In response, Dr. Sulaiman Al Abduljader, Vice Chairman & CEO of Sanam Real Estate Company commented, "We are delighted to have the Evli Emerging Frontier Fund as one of the major shareholders of Sanam, known for their adherence to professional standards and commitment to the Principles of Responsible Investing.

“The Board of Directors of Sanam Real Estate Company recommended the distribution of 5% bonus shares to the companys shareholders. Following the meeting, Dr. Sulaiman Al-Abduljader, Vice Chairman and CEO, said: "Sanam achieved a profit of KD 720,155 for the fiscal year ended 31 December 2023, compared to a loss of KD 1,329,588 for the year 2022, and earnings per share amounted to 8.06 fils per share for the year 2023 compared to a loss of (15.62) fils per share for the year 2022. Dr. Sulaiman Al-Abduljader added: The reported earnings stand as a reflection of the restructuring carried out by the company and the activation of the transformation plan towards growth, diversification of sectors and the sustainable development of the companys returns. The company had announced last August the signing of a memorandum of understanding for a strategic partnership with Kuwait Real Estate Company and ERADAT International Real Estate Company, through a diversified real estate portfolio with attractive returns allowing for periodic distribution of profits to shareholders. It also succeeded in reducing and increasing the companys capital by a subscription coverage ratio of 279%. SANAM also entered a strategic partnership to develop a project in the United Arab Emirates. Dr. Sulaiman Al-Abduljader concluded the statement by saying: 2023 results are satisfactory, and we look forward to maximizing shareholders return in the next phase.

The Board of Directors approved during its meeting on Thursday 28/12/2023 the increase in the capital of the subsidiary company – Sanam Limited – Dubai (which is 100% owned by Sanam Real Estate Company) to reach AED 50 million through the entry of an investor of 50% of the subsidiarys capital (AED 25 million – cash increase).

Mr. Waleed Hamad Al-Sumait, the Chairman of the Board of Directors of Sanam Real Estate Company, announced the successful completion of the capital increase subscription process, with a subscription coverage of 279% of the targeted amount, which is 2.164 million Kuwaiti Dinars. This was achieved by offering 21.64 million shares, representing an increase of 27.63% of the total issued and paid-up capital, bringing the companys capital to 10 million Kuwaiti Dinars. The subscription period ran from September 24th to October 12th of this year, with participation from shareholders. Regarding this matter, Mr. Waleed Hamad Al-Sumait stated that the goal of the capital increase subscription is to support the companys financial position in line with the strategy set by the Board of Directors. He noted that the proceeds from the capital increase will be directed towards developing the companys operations to maximize its returns, continue its plans, and achieve its future goals. He expressed his appreciation for the shareholders trust, as reflected in the subscription results. Dr. Suleiman Al-Abduljader, Deputy Chairman of the Board of Directors and CEO, expressed his satisfaction with the success of the subscription process and the strong interest shown by the shareholders. He highlighted that the subscription process met all the necessary regulatory procedures for issuing the shares. The CEO of Sanam Real Estate Company also praised the role of the Capital Markets Authority, the Kuwait Stock Exchange, and the Kuwait Clearing Company in the success of the capital increase process. He extended his thanks to Al Masar Investment Company, the investment advisor, for professionally managing the subscription process.

Aqarat - Kuwait Real Estate Company and Sanam Real Estate Company announced the signing of a preliminary agreement to enter a strategic partnership. This collaboration aims to introduce unique real estate products through a company partnership that is shariah compliant, named ERADAT International Real Estate Company. The partnership will result in a company with a diversified real estate portfolio, offering rewarding returns and enabling the distribution of periodic dividends to shareholders. Notably, this marks the first collaboration between these two entities, with a primary objective of delivering innovative and sustainable solutions within the realm of real estate investment. Following the signing of the preliminary agreement, the capital of ERADAT is poised to exceed KD 13 million. Aqarat - Company will be holding a majority share of 62.5%, while Sanam Real Estate Company will hold a share of 37.5%, after the completion of the strategic partnership procedures.

On Wednesday 09/08/2023 the Board of Directors of Sanam Real Estate Company reached a preliminary agreement through its subsidiary “ERADAT International Real Estate Company K.S.C.C” with a public shareholding real estate company, to increase the capital of Eradat International Real Estate Company to reach KD 13,163,000. (The current capital of Eradat International Real Estate Company is 6,798,697 KD, and the accumulated losses will be amortized to bring the capital to 4,940,000 KD). Provided that the aforementioned capital increase be in-kind with a value of KD 8,223,000, representing 62.47% of the company’s capital (the in-kind increase consists of real estate with a total value of KD 49,463,000 and a net value of KD 8,223,000 after excluding the bank facilities granted with its guarantee). Thus, the share of Sanam Real Estate Company becomes 37.53%, equivalent to KD 4,940,000 of the capital, afterwards becoming an associate company.

The General Assembly Meeting of Sanam Real Estate Company took place on Thursday 27/07/2023 at the companys headquarters. The Assembly agenda approved the resignation submitted by the members of the Board of Directors, and the election of a new board of directors for the next three years as follows: Mr. Waleed Hamad Al-Sumait -Chairman (Representative of Wafra International Investment Co), Dr. Sulaiman Tareq Al-Abduljader – Vice Chairman & CEO, Mr. Sulaiman Mohamed Al-Furaih – Board Member Non-Executive, Mr. Saad Nasser Al-Muneefi Board Member / Non-Executive, Mr. Bandar Sulaiman Al-Jarallah – Board Member – Independent. The new Board of Directors have extensive experience in various fields of economic work and a great ability to manage investment files and develop strategic plans. Sanam Real Estate Company hopes that the selection of the new Board of Directors is the beginning of a new era of achievements and ambitions to achieve the greatest benefit for shareholders.

On Monday 17/07/2023, the postponed Extraordinary General Assembly of Sanam Real Estate Company conducted a meeting at the companys headquarters, and approved, First: to reduce the companys authorized, issued and paid up capital from KD 12,218,500 to KD 7,835,095 in the amount of KD 4,383,405 by canceling 43,834,050 shares, including canceling the treasury shares balance of 872,600 shares at nominal value, settling the treasury dividend reserve, calculating the issuance premium with the accumulated losses. Secondly: the Approval of increasing the authorized, issued and paid up capital from KD 7,835,095 to KD 10,000,000 in cash by issuing 21,649,050 shares with a nominal value of 100 fils per share and without issuance premium of KD 2,164,905 and at a rate of 27.63% of the companys capital after the reduction.

On Monday 17/07/2023 Sanam Real Estate Company Board of Directors approved during it’s meeting the consolidated financial information indicating the Net Profit of the shareholders of the mother company in the amount of 7,269 KD for the period ending in 30/06/2023.

The Ordinary General Assembly of ERADAT International Real Estate Company was held on Thursday 13/07/2023 at the companys headquarters and approved the acceptance of the resignation submitted by the members of the Board of Directors in full and the election of the members of the Board of Directors for the next three years as follows: 1. Dr. Sulaiman Tareq Al-Abduljader – Chairman. 2. Mr. Waleed Al-Sumait – Vice Chairman. 3. Mr. Fawaz Al-Roudan – Independent Board Member. 4. Mr. Saad Al-Muneefi – Board Member. 5. Mr. Bader Al Hajeri – Board Member and CEO. The members of the new Board of Directors have extensive experience in various fields of economic work and a great ability to manage investment files and develop strategic plans. ERADAT International Real Estate Company hopes that the selection of the new Board of Directors is the beginning of a new era of achievements and ambitions to achieve the greatest benefit for shareholders.

The subsidiary company “ERADAT International Real Estate” held its extraordinary general assembly meeting on Wednesday 07/06/2023 and the agenda items were approved as follows: 1- Increasing the company’s capital through an in-kind capital increase from 4,3000,000 KD to 6,798,697 KD. 2- Changing the company’s name from Fanan Real Estate Company to ERADAT International Real Estate Company. 3- Approving that the company conducts its activities in accordance with the provisions of Islamic Sharia law. 4-The ordinary general assembly, based on the proposal of the board of directors may approve the distribution of profits at periodic intervals.

The Board of Directors approved during its meeting on Thursday, 11/05/2023 to exchange properties with its subsidiary company (Fanan Real Estate Company) as follows: 1 - Selling the property in Farwaniya from Sanam Real Estate Company to its subsidiary company Fanan Real Estate Company at a book value of KD 2,240,000. 2- Transferring the right of use of a land in the United Arab Emirates – Dubai from the subsidiary company Fanan Real Estate to a subsidiary of Sanam Real Estate Company to be established in the United Arab Emirates with a book value of KD 1,251,056. 3- The Board of Directors approved the in-kind increase of its subsidiarys capital in the value of the property owned by Sanam Real Estate Company in Bneid Al Gar area at a book value of KD 2,700,000.

Sanam Real Estate Company (K.S.C.) established “Sanam Innovation Holdings WLL” with a paid up capital of 250,000 KD as a subsidiary company, and the shares were distributed among the partners as follows: Sanam Real Estate Company 99.6% , Fanan Real Estate 0.4% (a subsidiary of Sanam Real Estate)

On 06/09/2022, Sanam Real Estate Company signed a preliminary agreement to purchase an investment property in the Farwaniya area with a value of KD 2,300,000. The Farwaniya area is one of the areas characterized by a high population density, and the property was selected according to the strict criteria set by the company aligned with its transformation plan in 2022.

The Board of Directors of Sanam Real Estate Company held a meeting on 24/03/2022 and decided to appoint Dr. Sulaiman Tareq Al-Abduljader as CEO of the company as of Sunday 27/03/2022. Dr. Sulaiman Tareq Al-Abduljader has more than 17 years of practical experience, during which he held many leadership positions in many companies operating in the real estate, investment and finance sectors, which enabled him to analyze market trends and realize achievements in local, regional and global investments. The positions held by Dr. Sulaiman included - Vice President of Corporate Finance Group at Coast Investment and Development Company, Vice Chairman of the Board of Directors of Aqar Real Estate Investment Company, in addition to his membership in boards of directors of several companies and institutions.

The Board of Directors of Sanam Real Estate Company met on Monday 14/03/2022 at 2:30 pm and decided the following: • Determining the legal capacity of the members of the Board of Directors as follows: - 1. Mr. Walid Hamad Al-Sumait - Chairman of the Board of Directors. 2. Mr. Suleiman Muhammad Al-Fraih - Vice Chairman of the Board of Directors. 3. Mr. Yousef Suleiman Al-Hanaef - Member of the Board of Directors - Non-Executive. 4. Mr. Abdullatif Saad Al-Dosari - Member of the Board of Directors - Non-Executive. 5. Mr. Fawaz Abdul Aziz Al-Roudhan - Member of the Board of Directors - Independent. And the approval of accepting the resignation submitted by Mr. Ali Abdulaziz Al-Nammash - Acting CEO, as of March 14, 2022. The members of the new board of directors have extensive experience in various fields of economic work and a great ability to manage investment files and develop strategic plans.

A letter submitted to a company has been received Sanam Real Estate, dated 9th February 2022 from a group shareholders owning more than 25% of the company’s capital, a request to the company’s board of directors to call for a general assembly to discuss the following items: (i) Discussing visions and future plans for the company's business during the coming period and (ii) Discussing the dissolution of the board of directors and the election of a new board of directors.

Sanam Real Estate Company, through its subsidiary company (Fanan Real Estate Company K.S.C. closed), exited from the real estate portfolio of Al-Massar Leasing and Investment Company, which includes two plots of land in the Kingdom of Saudi Arabia, with a book value of 1,259,719 KD, with a selling value of 16,508,310 Saudi riyals equivalent to 1,326,294 KD. The exit resulted in an approximate profit of 66,575 KD. It is worth mentioning that Sanam Real Estate Company owns 99.87% of the subsidiary company.