Mubasher: Kuwait-based United Real Estate Co. said that its 100% subsidiary, Al Reef Real Estate Company, signed a mortgage contract with Oman’s Al Hilal Islamic Banking Services to obtain credit facilities worth OMR 14 million ($36.46 million).
The deal will last for 13 years, according to a statement to Boursa Kuwait on Wednesday.
The facilities will be used to finance United Real Estate’s activities.
The transaction’s financial impact will be realised in the Kuwaiti company’s consolidated financial statements for the second quarter of 2019.
In 2018, United Real Estate Co’s losses amounted to KWD 8.99 million, compared to KWD 2.22 million during 2017.