Kuwait-Mubasher: Al Rai Real Estate, a subsidiary of Mabanee Company, sealed a Sharia-run finance deal with a local bank for a value of KWD 100 million ($328.2 million).

Mabanee noted in a bourse filing that the signed contract aims to develop the fourth phase of Avenues Complex project.

The Kuwaiti company added that the sum of money will be repaid in quarterly installments for five years to end on 30 September, 2018. The first installment will be due on 1 October, 2018.