Mubasher: Aayan Real Estate has signed an agreement with a Kuwaiti bank to increase the company’s credit limit to KWD 13 million ($42.72 million).

Under the agreement, the limit of the credit granted by the bank to Aayan will be increased to KWD 13 million from KWD 7.27 million, according to a bourse statement released on Thursday.

The credit increase will be pumped into Aayan’s real estate investments to boost its real estate assets, the Kuwait-listed developer said.

Aayan Real Estate turned to profit during the first quarter of 2019, against incurring losses in the year-ago period, recording KWD 404,400 ($1.3 million).