KUWAIT, Dec 4 (KUNA) -- Kuwait Red Crescent Society (KRCS) and Aayan Real Estate Company signed on Thursday a property management contract to develop KRCS's investment assets and increase operational efficiency in and outside Kuwait.
In a statement to Kuwait News Agency (KUNA), the Chairman of the Board of Directors of KRCS Khaled Al-Mughamis explained after the signing that Aayan Real Estate Company would undertake the preparation of a study to evaluate rental prices based on developments in the local real estate market.
Aayan will prepare periodic studies that include analyses and recommendations that support the optimal use of the property and achieve the best returns.
The agreement also includes full supervision of maintenance work, property management, offering units for investment at fair market values, and reviewing them periodically in a way that preserves the rights of all parties and serves the public interest, Al-Maghamis added.
He noted that the company would also be responsible for monitoring investors' compliance with contract terms, ensuring the quality of property facilities and maintaining them, as well as monitoring collections and dealing with any legal requirements or procedures related to property management.
For his part, Director of Real Estate and Third-Party Property Management at Aayan Real Estate Company Abdullah Al-Khamiri, confirmed that cooperation with the KRCS represents an important partnership with a leading institution that plays a pivotal humanitarian role at the local and international levels.
In a similar statement to (KUNA), Al-Khamiri added that the management of the assets of the KRCS would be carried out according to a precise methodology that includes raising the efficiency of asset management, improving operational and investment returns, and strengthening financial control systems to ensure the highest levels of transparency.
He explained that the methodology includes developing the tenant experience, improving the quality of services, and implementing preventive and corrective maintenance plans to extend the life of assets and improve operational quality. He clarified that this partnership is consistent with the company's vision of enhancing the role of the private sector in supporting humanitarian institutions through services that contribute to developing their resources and ensuring the sustainability of their programs.
He stated that the company's specialized team would work on preparing a comprehensive operational plan for the association's assets.
The plan includes an assessment of the current situation, the development of improvement programs, and the implementation of Key Performance Indicators (KPIs) to measure and monitor results on a regular basis.(end) slm.amh.nhq