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Kuwaiti realties to establish $225m mall in Abu Dhabi

Kuwaiti realties to establish $225m mall in Abu Dhabi
UPAC
UPAC
-2.82% 172.00 -5.00
NRE
NRE
21.25% 97.00 17.00
National Real Estate (NERC) stated that one of its subsidiaries has concluded preliminary partnership agreement with United Projects Company for Aviation Services (UPAC) to establish Commercial Complex in Abu Dhabi.

NERC unit will contribute with around $225 million in the new project, said a bourse filling.

The real estate developer noted that it can't declare in mean time any forecasts around the financial impact of the scheme, since the final agreement still under review.

However, NREC announced recently that it has concluded an agreement with a local bank to restructure KWD 154.4 mln debt. The debt is scheduled to be paid over seven years.