Mubasher: Kuwait’s United Real Estate announced that its subsidiary, United Real Estate Investment, has signed a five-year revolving loan facility contract worth EGP 250 million (KWD 4.6 million) with Ahli United Bank (AUB) – Egypt.

The loan will be used to finance several purposes, including the residential project of Aswar Residences in New Cairo in exchange for cheques due for payment for the sold and delivered units in the project, the company said in a statement to Boursa Kuwait on Tuesday.

The financial impact of the funding will reflect on the company’s consolidated financial statements as of the third quarter of 2019, the statement added.

On Monday, the company revealed that its subsidiary, United Building Co, inked a deal with Boubyan Bank to renew and increase its credit facilities.

It is noteworthy that during the second quarter of 2019, United Real Estate logged a profit of KWD 1.63 million, against a loss of KWD 2.46 million in the year-ago period.