Mubasher: Munshaat Real Estate Projects said that the shareholders’ equity rights are expected to increase by KWD 20 million ($66.33 million) after its fully owned subsidiary in Saudi Arabia, Munshaat for Projects and Contracting Co, extended the usufruct rights contract for Dar Al Qiblah project.

This raise value is a primary estimate, which can be increase of decrease based on the company’s auditors and related parties as well as the independent and especialised regulators in Saudi Arabia, according to a bourse statement issued on Thursday.

It is worth highlighting that the contract was renewed for 25 Hijri years.

Munshaat previously disclosed that a positive financial impact is expected to affect the company’s assets, reflecting positively on the shareholders’ equity.

Late August, the chairman of Munshaat disclosed that the volume of the company’s investments in the Saudi market exceeds KWD 100 million ($332 million).

At the opening of Thursday’s session, Munshaat went up 3.9% to reach 66.5 fils, after 2.82 million shares were traded.