Mubasher: Al Arabiya Real Estate has signed an initial contract to sell properties in the Kuwaiti cities of Al Salmiya and Al Farwaniya for KWD 4.17 million, the company said on Thursday.

Once the sale is concluded, Al Arabiya will incur net loss of KWD 490,740, after the ownership transfer procedures are duly completed, the real estate firm said in a Boursa Kuwait filing.

The losses will be probably included in the financial results for the fourth quarter of 2019.

Al Arabiya posted a net loss of KWD 1.21 million in the first nine months of 2019, declining by 20.6% from KWD 1.53 million in the year-ago period.