Would-be property-owners interested in buying residential or commercial properties in or outside Kuwait should hotfoot it to this week's Real Estate and Investment Exhibition at the Kuwait International Fairground in Mishref, which lasts until Saturday. Thirty-one firms from the real estate, investment and banking sectors are participating in the expo that opened yesterday, with the event being organized by the Top Expo Group and Kuwait International Fairs (KSC).

The Ministry of Commerce and Industry (MCI) is strict in applying the rules and regulations governing real estate and related issues to events like the exhibition, explained an MCI official speaking after yesterday's launch. "We won't allow any company to organize a real estate exhibition unless it fulfills all the terms and conditions," said MCI Undersecretary Abdulaziz Al-Khaldi. "They also have to have acquired all the necessary special accreditation that will be displayed at the exhibition. This rule w
as introduced to ensure the safety of citizens and expats. Customers have to be sure that the displayed projects or properties really exist.

Al-Khaldi explained further: "Any company taking part should have an accredited plan of the real estate displayed in the country [where it's located]. It should be accredited by the [Kuwaiti] Ministry of Foreign Affairs before it's displayed in the exhibition. The [MCI] is monitoring this matter to protect buyers.

More than 30 participating real estate firms are displaying 500 protects at the exhibition, the MCI official revealed. "There's a wide choice of projects in different countries at different price ranges and many are affordable," he said, adding that Kuwaitis "can now buy a flat in the GCC or in Europe and the procedure is easy.

On a separate issue, Al-Khaldi revealed that the MCI has issued 15 decrees ordering the closure of a number of grocery stores across Kuwait. "The ministry is strict in applying Paragraph 4 of the regulations on fraudulent sales of commercial products in favor of public interest," he explained. "These stores were selling expired foodstuffs or committing other violations. The owners were referred to the commercial prosecution department. In 2010, the ministry closed down 160 stores. - Kuwait times