Omak Group Company (Kuwait)
First: Management and development of lands and real estate
Second: Management and operation of hotel apartments
Third: Managing others’ properties
Fourth: - Leasing and renting lands and real estate
Fifth:- Commission agent
Sixth:- General trade
First: Management and development of lands and real estate
It is a multi-faceted type that includes activities that range from the scope of repair and renovation of existing buildings or leasing them to the purchase of vacant land and then selling the developed land thereafter. Real estate developers are the coordinators of various previous activities who turn innovative ideas on paper into reality on the ground in the form of real estate. It is necessary to differentiate between real estate development and industry. The real estate developer purchases the land, then finances the project, and in agreement with the construction company the property is built.
One of the most important stages of real estate development is market study and analysis, which includes
Economic feasibility study for the development project – Determining the development area – Determining the level of current and future demand for any real estate product – Determining the level of current and future supply – Choosing the site – Obtaining the property – Planning and design. Financing – Construction – Real estate marketing – Promotion.
Second: Management and operation of hotel apartments
The main differences between any hotel and a hotel apartment
Duration of stay Usually, the hotel stay is for a short period of time, such as a day or two, or maybe a week, but the hotel apartment is used for a longer period, such as two weeks to more than a month or two.
Services Hotels generally consist of a bed, bathroom, TV, table and chair, while a hotel apartment has all of these plus a kitchen where guests can cook for themselves as well as a wardrobe.
The Cost Hotels often cost more than Hotel apartments, as Hotel apartments are much cheaper to book than hotels, especially if staying for a longer period of time.
Typical sites:- While hotels tend to choose central and convenient locations, such as major tourist attractions or airports, a serviced apartment can be found in any residential area of the city.
اThe kitchen It is not common for a hotel room to contain a kitchen, and even if it did, the kitchen is small and not equipped with kitchen essentials. The hotel apartment includes a full and large kitchen equipped with the basics that the guest may need throughout the stay. It also provides the service of preparing home meals and storing food and drinks in the refrigerator, this contributes to obtaining and eating healthy food and saving a lot of financial expenses.
Living room area:- Hotel rooms can be narrow and small, but a hotel apartment includes one or two bedrooms, as well as providing a distinct space for living rooms.
Furniture and equipment Many hotel rooms provide basic equipment and furniture such as a bed and bathroom, as well as a wardrobe, a desk and a sofa, while the hotel apartment contains all the equipment and furniture and is therefore fully equipped, in order to live, cook and work throughout the stay inside the hotel apartment.
Means of comfort The amenities available in hotels and hotel apartments vary, as the hotel contains more services and amenities than the hotel apartment, which include: “restaurant, spa, breakfast, swimming pool, fitness center, etc.”
Privacy The hotel apartment is distinguished by its privacy from the hotel, because the resident can do everything he wants inside the hotel apartment, but in the hotel, privacy is limited because the hotel apartment resident does all the household chores, such as cooking and washing clothes, alone without anyone’s help, unlike the hotel.
Third: Managing others’ properties
Administrative services Save paid documents and operating costs. Make organized reports about operation. Dealing with government agencies. Coordinating with tenants. Technical services Maintaining buildings and their equipment on a regular basis. Comprehensive technical inspection of properties. Coordination of safety and operating procedures. Monitoring the fulfillment of legal requirements. Coordinating capital development.
Contract Management Collecting rents and depositing them in the bank account. Using electronic systems to monitor contract dates and save real estate data. Review annual rents and calculate revenues based on prevailing market prices. Managing leasing agreements.
Financial management Reduce registration costs. Analyze and prepare reports on costs and revenues with management indicators. Prepare management business plans for annual operation. Issuing rental invoices and service fees. Debt Collection.
Tenant relations Providing services online. Make specific decisions at the tenants agency. Providing catalogs to tenants.
Building services Tenders and contracts management service for buildings and facilities. Cleaning and waste disposal management. Reception and maintenance. Comprehensive security services.
Fourth: - Leasing and renting lands and real estate
Owning real estate and renting it monthly or yearly at a price that will guarantee a profit and a certain increase in value over the original property is an excellent investment method due to the great wealth it creates and the regular and stable income it provides. This can also be a great opportunity for investors with new core skills and experience, as well as those with the patience to manage tenants. Among the advantages of renting real estate: The investor benefits from the advantage that the value of the property increases over time and is not affected by changes in the market. This method provides regular financial income to the investor. Most rental property expenses and costs are tax deductible
Fifth:- Commission agent
The commission agency defined as a contract under which a person or company, called a commission agent, undertakes to carry out a legal action on behalf of his client or on behalf of the company in return for a fee called a commission. . . For example, when an intermediary person or organization purchases products from a wholesaler on behalf of a retailer.
Sixth, general trade
The term commerce is used to refer to the business in which goods and services are bought and sold. Trade is considered one of the business lines. Trade can take place narrowly within the local market or outside country borders. . One of the parties to the trade can be people, companies or countries. Trade is concerned with the process of distributing produced goods, and the term trade includes systems implemented at domestic and international levels, including: legal, political, social Economic, cultural and technological systems The concept of trade includes all financial transactions, right down to the buying and selling of a particular product and the product is often traded internationally between different countries.
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