Al-Mazaya Holding signed a five-year securitization agreement with an Islamic Shariah-based bank for KWD 6 million ($19.8 million).

Mazaya will use the loan in buying a land property in east Kuwait, through its subsidiary Al-Mazaya Real Estate Development.

Total cost of the land property is worth KWD 8 million; Mazaya’s subsidiary has paid the remaining KWD 2 million.

The agreement will result in an increase of KWD 6 million in Mazaya’s assets and liabilities.