Mubasher: Munshaat Real Estate Projects clarified that negotiations are still ongoing with the General Authority of Zakat and Tax (GAZT) in Saudi Arabia over the authority’s claims to get a repayment from Kuwait’s Munshaat.

However, a final agreement has not been reached yet with GAZT, Munshaat said in a bourse filing on Wednesday.

As per instructions of Munshaat’s tax and zakat consultant, the Kuwaiti firm will raise its reserve provisions by about KWD 5 million ($16.6 million) in the fourth quarter of fiscal year 2017.