Salhia Real Estate said Monday it sealed an agreement with a “local bank” to obtain an Islamic credit facility worth KWD 10 million ($33 million).

The loan will be paid back over five years, according to a bourse statement.

The Kuwait-listed  company reported net profits of KWD 2.87 million for the first quarter of 2014, an increase of 12.1% from KWD 2.56 million in the same period of a year earlier.

Salhia is capitalised at KWD 51.3 million, distributed across 513 million shares at KWD 100 fils par value each.