Mubasher: Al Mazaya Holding has signed a credit facilities agreement with a local bank in Kuwait at a total value of KWD 41.54 million ($137 million).

The company, listed on both Boursa Kuwait and the Dubai Financial Market (DFM), clarified that this funding will be used in refinancing and restructuring credit facilities existing over the past years, in addition to financing Al Mazaya’s real estate business and investments.

Al Mazaya further added that this contract will boost cash flow and help the company meet its liabilities toward the comping business and planned projects.