Kuwait – Mubasher: IFA Hotels and Resorts said a subsidiary has obtained a loan of AED 210 million (KWD 17.33 million), according to a bourse statement.

IFA will use the loan in meeting the contractors' dues as well as completing its projects, while no significant impact will reflect on the company’s financials.

Earlier, shareholders approved withholding the dividend payout and offsetting part of the company's accumulated losses.

The Kuwaiti listed firm suffered KWD 2.15 million in losses in the first quarter of 2015, compared with KWD 2.97 million for the same period of the previous year.