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Al Humaidi Family Kuwait Real Estate Business Cues

Housing-Market / Dubai Jul 03, 2021 - 03:01 PM GMT

By: Sumeet_Manhas

Housing-Market

If your family is seeking to start a joint real estate venture, you may have already come to a central realization tied to the endeavor — it can be complicated. Unlike other businesses, a real estate venture can carry with it a number of unique considerations including which properties to invest in and how to develop projects. To get a better understanding of some of these issues, we’ve turned to the example set by the Al Humaidi Family Kuwait real estate operations. By examining the efforts of the family in this area, we can get a more holistic view of the challenges other families may face in the field of real estate.


Al Humaidi Family Kuwait and Egypt Operations

 
One major initiative by the Al Humaidi Family in Kuwait and elsewhere in the region has manifested in the Red Sea-adjacent Aqueous Resort. This is a great example of a family real estate business in action and it makes sense to study the resort in greater depth to pull insights from its creation. The resort, which has already completed phase one construction, is an example of a mixed-use resort that provides accommodations for both short-term and long-term guests.
 
A major goal of the resort’s conception was to position it as a place where families and other large groups could come to spend quality time with one another. To this end, a high priority was placed on the resort’s outdoor spaces and their ability to accommodate groups of many sizes. This has led to the creation of intimately designed gathering spaces that are separated from one another by natural and artificial elements. These include trees, bodies of water, and specially built structures. Taken together, these spaces add a level of offerings that may be lacking in other resorts, helping to make Aqueous a premier destination for families and friends.

Connection to Community

 
Another aspect of the resort’s creation that was deemed a high priority from the start was its connection to the larger community surrounding it. Since it is located on the Red Sea, the resort has the unique ability to provide visitors with a glimpse of an area of high historical intrigue that has figured largely into many of the myths and stories that make up modern culture. In so doing, it helps to reconnect these travelers to a piece of history that might otherwise go unexplored and, therefore, broaden their appreciation for the world in which they live.
 
This concept is further underscored by the resort’s commitment to connecting local residents to the people who visit and stay at the resort. This has been accomplished by connecting guests to local merchants to allow them to peruse their shops and purchase handcrafted wares. The resort has engaged in a similar initiative with regard to local restaurants, allowing guests to easily seek out nearby cuisine that’s representative of the area’s rich history. In the process, local residents are able to share their services with newcomers and are able to improve their economic standing at the same time.

Al Humaidi Family Kuwait Decision-Making

 
One of the reasons we’ve taken the time to outline the work of the Al Humaidi Family in Kuwait and at the above resort is because it speaks to the power of coming to decisions collaboratively in a family real estate business. The cohesive setup of the Aqueous Resort sometimes presents to guests a streamlined offering that was created from a single mind. However, this was not the case and actually owes its creation to a large number of people including members of the family itself.
 
This speaks to the degree to which the family was able to come together over the design of the resort and create a unified vision for its development that would appeal to a wide range of people. This process did not happen all at once and instead was the product of a long development period that incorporated ideas from many different people that were then carefully analyzed for their merit and combined into the eventual design of the resort itself. The result has been a project that touches on the strengths of many contributors and serves to build an enduring structure that is greater than the sum of its parts.

Incorporating Insights

 
The manner in which the Al Humaidi Family in Kuwait collaborated to build the Aqueous Resort can be instructive for other family real estate businesses as well. One thing to take away from this work is the manner in which hearing a diverse range of opinions can positively contribute to a project’s end result. This can be an important consideration for families working together on a project because each member of the family may have a different strength and foundation of skills. By drawing on the most relevant aspects of each family member’s body of knowledge, a project can improve its chances of success.
 
At the same time, it can also be important for a family business to designate an individual who will lead the organization and make decisions for which consensus is not required. By creating such a role, a family business can serve to make its operations more efficient and can appeal to the managerial strengths of a single member of the family. Such a role, if the business chooses to create it, is best filled by someone who enjoys the full trust and confidence of other members of the family. This will allow the collaborative endeavor to move forward with the maximum amount of effectiveness and can hopefully leave it less encumbered by conflict and other distracting forces.
 
While starting a family real estate business can be confusing, it doesn’t have to be impossible. One way to help along such a venture is to look to other similar ventures that have proven successful in the past. The case of the Al Humaidi Family Kuwait-based real estate business can be one such touchstone for what success in this area can look like. The family’s ability to make collaborative decisions that work to the benefit of all can be an important point to try and mimic for newcomers to the field. By incorporating this insight, as well as others from the family, new businesses can hope to give themselves the best start in an exciting new industry.

By Sumeet Manhas

© 2021 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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