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NREC's unit inks EGP 854m loan with Egypt-based bank

NREC's unit inks EGP 854m loan with Egypt-based bank
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Mubasher: Kuwait Wadi Elnile Urban Development, an 80% subsidiary of National Real Estate Company (NREC), has signed a loan agreement worth EGP 854 million (KWD 13.91 million) with a national bank in Egypt.

The company will use the facility in restructuring existing obligations, according to a bourse filing on Monday.

It is noteworthy to mention that in 2021, NREC's net profits increased to KWD 199.63 million, compared to KWD 443,100 in 2020.