Kuwait Projects Managment (KPM), Kuwait-based real estate marketing company, will purchase a tourist residential project in Sharm El Sheikh, announced Dani Khalil, Vice Chief Executive of KPM, Amwal Al Ghad reported.

The residential project investment worth is EGP 350 million and comprises of 12 buildings and 28 villas. KPM will re-promote and develop the project, Khalil stated.

“We believe in the Egyptian real estate market, which is considered the second biggest market in the region after Saudi Arabia. That is why KPM will inaugurate a new branch in the country within this month.” Khalil said.

KPM’s branch in Egypt will be used to carry out projects in Egypt in addition to promoting the company’s international projects.

There is a deep interest from KPM to invest in the Egyptian real estate. There are  ongoing discussions to invest in an 8,000 square meter project in Alexandria, as well as several other projects in New Cairo or Sixth of October city.

KPM has been in the real estate marketing business since 2000 and has several ongoing projects in Kuwait and Saudi Arabia, according to its website.