Kuwait – Mubasher: Injazzat Real Estate on Monday announced selling one of its investment properties in Dubai, the UAE.

The sale was carried out for AED 58 million ($15.8 million), the company said in a filing to Boursa Kuwait, noting that profits from the sale are estimated at around AED 23.82 million (KWD 1.95 million).

Profits will be registered in the company's financial results for the first quarter of 2017, Injazzat added.

The Kuwait-listed real estate company last reported KWD 3.2 million in profits for 2016, up 2.99% from KWD 3.1 million in 2015.

Injazzat ended Monday's trading session at 94 fils, after 2.43 million shares were traded at a turnover of KWD 234,700.