Kuwait – Mubasher: Munshaat Real Estate Projects entered advanced negotiations with Al Madinah Al Munawarah Development Authority to extend the usufruct of Dar Al Qiblah project and Hotel Pullman Zamzam Madina.

The extension will have a crucial impact on the economic and investment feasibility of one of the main assets of the company, according to a bourse filing on Wednesday.

No financial impact for such negotiations will be applied on relevant parties, the statement said.

Munshaat secured permits to start operating the five-star Pullman Zamzam Hotel in February.

The financial impact will be determined after the hotel starts operating, and will be registered in the financials of 2016.