Sokouk holding said 75%-owned Gulf Real Estate Development House Co. subsidiary has signed KWD21 million six- year Islamic financing deal (Ijara).

The company noted that the new financial facility comes in terms of the restructuring operations of Salmiya Hotel project.  

Sokouk stated that this new loan will allow Gulf Real Estate to pay back KWD18.5 million loan in addition it will guarantee the essential liquidity for Salmiya Hotel project.

Ijara is a leasing arrangement commonly used to structure Islamic financing facilities.