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KW23_RC_BukhamseenGroup_Osama J. Bukhamseen_PORTRAIT

KUWAIT - Real Estate & Construction

Osama Jawad Ahmad Bukhamseen

Managing Director & Executive Manager, Bukhamseen Group Holding Co.

Bio

Osama Jawad Ahmad Bukhamseen is a board member of the Chamber of Commerce and Industry, Executive Member & Managing Director of Bukhamseen Group Holding Co., Chairman of Tanmiya Real Estate Co., KIB for Takaful insurance, and Al-Emad Real Estate (Bukhamseen Square), Vice Chairman of Aswaq Kuwait Co., and Chairman of Dar Osama Bukhamseen for Engineering Consulting (OBD). He holds a bachelor’s degree in civil engineering from Kuwait University and an MBA from Maastricht University, the Netherlands. He is currently a researcher with the Aberystwyth University in the UK. He is an active member of various bodies in Kuwait including Kuwait Society of Engineers, Real Estate Owners Association, and many others.

"Over the last three years, we have been busy with two major projects."
With the changes in consumers and companies’ mindsets, Bukhamseen Group is also working on redesigning innovative retail and office spaces in line with future needs.
What projects has Bukhamseen Group been lately involved in?

Over the last three years, we have been busy with two major projects. It will be a huge project and is currently at the design stage. We have yet to publish the official designs though the goal is for the project to open its doors in 2027. It will be located in the heart of downtown Kuwait City, the perfect location for business and entertainment. The second project is a town-like shopping mall. It will comprise almost 100 small buildings, rather than one big indoor space. The pandemic and the rise of online shopping have changed the way people visit shopping malls, which is why we want to rethink the concept. We will create a small town with retail, restaurants, office space, and some nature. This will be our second major focus in the coming years. There is also the Failaka Island project, which was tendered over 15 years ago. This can be a great cooperative project for international engineering groups, designers, architects, and contractors. It is in a prime location, and there is a great opportunity to create a real value for visitors and locals; however, we have to push for its development. I hope to see it being announced again as a live project. There will definitely be many mega projects that our construction sector can participate in soon. With the new government and energy within the public sector, I expect there to be progress.

What are the priorities of the company for the coming months?

In real estate, we are working on acquiring and developing new properties across the region, including Egypt and Iraq. We are in fact planning to build the largest compound in Iraq aimed at religious tourism. It is located in Najaf City and will open in 2023. We have just signed an agreement to develop a new residential city in Cairo for a 200-300 villa project. These are the focus of our real estate department, and we have no doubt we will develop more opportunities. Two of our biggest projects will keep us busy in Kuwait. However, we are also looking at the European, US, and Asian markets to expand. The next step will be to enter Europe.

What are your personal contributions to the development of the Kuwaiti market?

Currently, Kuwait is trying to catch up to the other GCC countries. We used to lead the region, but now we are chasing it. I became interested in this matter and have dedicated my time to not only working through the private sector, but also by being involved in the public one. I was elected as board member to the Kuwait Chamber of Commerce, which is dedicated to improving the business situation of Kuwait, both economically and geopolitically. The chamber is committed to studying and addressing the needs of the global market through our economic leadership and advice. We want to make projects in the country more approachable and foreign-friendly, to attract investors from abroad. I am also been involved in developing some new construction laws in closes coordination with Kuwait Engineering society. The future of Kuwait lies in a strong private sector, and to empower that sector, the Kuwait Chamber of Commerce must help it grow. Personally, I believe in academic studies and combining them with real-life business. I have been working closely with an investor in the UK, while researching the topic at the University of Aberystwyth in Wales, on how to address the fact of the non-office space working trend. What can we do when companies no longer need the office space you have built? These are questions related to our business that can be addressed and tackled with the use of research and analysis. Critical thinking is the key, and with the new government, a strong and active Kuwait Chamber of Commerce, and plenty of hard work, Kuwait will go through great transformation soon.

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