Mubasher: United Real Estate Company (URC) has signed a credit facility agreement with a local bank for KWD 7 million ($22.4 million).

The loan will finance the company’s commitments and will be due on 15 March 2023, according to a statement to Boursa Kuwait on Monday.

The transaction will reflect on the company’s long-term liabilities.

It is worthy to mention that in the first nine months of 2019, the real estate developer turned to a profit of KWD 3 million, against losses of KWD 3.29 million in the corresponding period in 2018.