Mubasher: Kuwait-based Salhia Real Estate has announced that its 99.74% subsidiary Al Assima Real Estate has signed a credit facility agreement with a local Kuwaiti bank.

Under the agreement, the credit limit of Al Assima with the bank will be increased to KWD 20 million, according to a bourse statement released on Tuesday.

The increase in the credit granted to the company will be used to finance its activity.

Salhia Real Estate reported a 29% year-on-year decrease in profits during the first quarter of 2019, recording KWD 4.1 million ($13.5 million).