By: Ahmad Awad

Kuwait-Mubasher: Agility Public Warehousing is expected to secure a loan worth $800 million by the second quarter of 2017, said deputy chairman and CEO Tarek Sultan.

A number of Kuwaiti and foreign banks will participate in the credit facility which will be allocated for The Reem Mall in Abu Dhabi, the top official noted on the sidelines of the ordinary general meeting (OGM) on Thursday.

United Projects Company for Aviation Services (UPAC), a subsidiary of Agility, and National Real Estate Company are developing The Reem Mall which is scheduled to open in 2018, Sultan added.

The CEO clarified that Agility, which is listed on both KSE and DFM, has liquidity worth KWD 114 million which will be enough for future expansions in emerging markets.

Agility was able to achieve KWD 105 million cash inflows from operating activities; an increase of 68% when compared to the fiscal year 2014, Sultan said.

He added that the company has a long-term goal of achieving profits before EBITDA of $800 million by 2020, as well as applying a buyback program in the future to enhance its returns for shareholders.

Meanwhile, the OGM has agreed on paying 30% cash dividends of the capital or 30 fils per share.

Translated by: Ingy ElSafy