Kuwait – Mubasher: Munshaat Real Estate Projects signed a settlement agreement with National Investments Company (NIC) after losing a judicial dispute over an amount of KWD 6.7 million ($22.5 million) to the investment house, a bourse statement said.

Under this agreement, Munshaat will pay 50% of the settlement amount immediately, while the remaining half will be paid in quarterly installments until September 2016. In return, Munshaat will acquire National Investments’ 25% stake in their joint venture, according to the real estate developer’s filing on Monday.

In April, NIC said that its direct investment in Al-Qibla Tower, which is located in Saudi Arabia, amounts to KWD 13.95 million ($46.97 million), while the remaining investment is registered to the company’s clients.