Real estate exhibitions according to the decision of the Kuwaiti Minister of Commerce and Industry No. 639 of 2017 are the exhibitions that the Ministry agrees to hold for a limited period in the licensed places in the State of Kuwait for the purpose of promoting, marketing or introducing a real estate, vacant land or urban project, whether it is inside Kuwait or a foreign country according to the terms and conditions contained in this decision.
This decision also regulated the rules governing the obligations of companies and institutions participating in real estate exhibitions held in Kuwait, which are as follows:
Concluding deals during real estate exhibitions
Article 8 of the decision prohibits companies and institutions participating in real estate exhibitions held in Kuwait, whether they are (exhibitors – developers – marketed) to carry out sales deals or conclude contracts or receive financial compensation for that under any name during the real estate exhibitions, where all legal measures are taken against any of the companies and institutions violating this ban.
Real estate marketing with guaranteed returns
According to the text of Article Nine of the decision, organizing or exhibiting companies may not market real estate or projects with guaranteed returns or with investment content, whatever its name.
View residential units in time-sharing system
The tenth article of the decision stipulates that real estate exhibitions may not be used as a means of displaying all real estate of any kind under the time-sharing system of housing units.
Placing plates containing data on the property, land, or proposed project
Article nineteen of the resolution obligated the exhibition’s organizing company and exhibiting companies and institutions to place panels in places visible to the public showing descriptions, boundaries and evidence of ownership of the property, land or project being offered, as well as the licenses issued to it, provided that the advertisement includes the prohibition contained in the resolution not to make deals during the exhibition’s activities.
Exclusion of violating companies
In accordance with the text of Article Eleven of the resolution, the company organizing the exhibition is obligated not to allow any institution or company that was not included in the list submitted with the application for a license to hold the exhibition. Or, complaints were previously submitted against it from dealers as a result of its breach of its contractual obligations, and the seriousness of those complaints was proven after being examined by the competent authorities, whether their contracts were in person, by proxy, or as a marketer, or judicial rulings were issued regarding them preventing them from practicing their activities.
The ban includes any company or institution in which any member of the board of directors or managers of these companies and institutions participates or is owned.
The responsibility of the organizing company and the companies and institutions participating in the exhibition
In accordance with Article Thirteen of the Resolution, the organizer of the exhibition, in solidarity with the participating companies and institutions, bears the responsibility for violating the terms and conditions of this resolution, and for the consequent damages, except for what is related to the integrity and validity of the documents and documents issued regarding the real estate and projects being displayed.
Oversight of real estate marketing
The eighteenth article of the decision required the exhibition organizing company and the participating companies and institutions to abide by all decisions and instructions related to the regulation of real estate marketing issued by the permanent committee that is formed by the ministries of commerce, industry and foreign affairs, and the membership of experts in the field of local and foreign real estate marketing.
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