Kuwait – Mubasher: National Real Estate Development would issue a seven-year Sukuk worth $500 million by the beginning of 2017 to fund new projects and refinance an existing debt, Shiv Hiremath, the chief financial officer (CFO), told Reuters yesterday.

The real estate developer is about to have a credit rating from Standard & Poor's, the CFO said on the sidelines of a finance conference, adding that this move will be followed by appointing banks to arrange for the Sukuk issuance.

The sale process depends on market condition, he highlighted, revealing that the company seeks to raise the financing by the first quarter of the fiscal year 2017.

Further, the company is securing KWD 2.4 million loan for continuing on the development of the Reem Mall in Abu Dhabi.