Kuwaiti bank signs up for EUR 7.6bn Tatarstan development

Turc Capital, a subsidiary of banking group Kuwait Finance House (KFH), is to play a major role in the development of 2 million m² of residential and commercial real estate in the Republic of Tatarstan.

Turc Capital signed a Memo Of Understanding (MOU) with Millennium, a company owned by the government of Tatarstan, ealier this week in relation to the $10 bn (EUR 7.6 bn) development.

KFH said the project involves the construction of a residential real estate area, investment and commercial offices, recreational facilities and integrated service centre. KFH board member Fawaz Al-Issa, said the project reflects a tendency to focus on the company's development projects, infrastructure and real estate projects.

'We have many projects in the areas of real estate development and infrastructure in Tatarstan and therefore we see good opportunities to work in this market and make a rich starting point and expand into other neighbouring markets at a later stage,' Al-Issa noted.

Turc Capital was established as an investment holding company with capital of $150 mln last September.