Set up in the 1950s, the Boodai Corporation is a Kuwait-based group of diverse companies engaged in construction, heavy equipment, building materials, engineering and equipment, transport, shipping and energy.
The business is divided into eight sectors, and overall control maintained by the family. While the launch of Al-Jazeera Airways, a low cost airline, has undoubtedly added to the total wealth of the family, real estate is particularly occupying the Boodai’s minds right now.
Dubai’s fledgling Real Estate Investment Trusts (REITS) industry is expected to be worth more than US$10bn in five years, while Islamic real estate funds based in Gulf Arab countries account for about US$100bn of the estimated US$750bn in Islamic assets worldwide. Fahed Boodai is managing director of Global Securities House in Kuwait, which manages US$1bn in sharia-compliant real estate assets.
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