| 27 Jun 2009 |
|
BKME arranged a real estate finance of KD 32 million for Abyaar
- Text size
Al-Marzouq: BKMEBKME
remains committed to provide finance facilities for the key sectorsThe Bank of Kuwait and The Middle East (bkme)Bank of Kuwait and The Middle East (bkme)
announced that they have arranged a new real estate financing facility for Abyaar Real Estate Development Company (Abyaar)Abyaar Real Estate Development Company (Abyaar). This facility follows the success of the KD 14 million financing extended to AbyaarAbyaar at the beginning of the year. This is a landmark deal in the Kuwait financial sector especially in the wake of the global financial crisis and is collateralized by mortgage of AbyaarAbyaar-owned income generating real estate properties.Upon signing the memorandum of understanding for the new deal, bkmebkme Chairman Hamad Abdul Mohsen Al-Marzouq said:" Since the beginning of the crisis, we have always been keen to provide the necessary finance for several key sectors, particularly the real estate sector", stressing that AbyaarAbyaar has posted notable growth over the past few years through entering new markets, diversifying its sources of income, and launching several innovative, Sharia-compliant projects.
"We at bkmebkme have an experienced and seasoned team of professionals, which enables us to understand the needs of the market and to assist local companies by providing them with the required tailor made solutions for their financial needs, while continuing to adhere to the prudent credit policies of by the Bank. AbyaarAbyaar enjoys a strong financial strength. The transparency of its management in dealing with us was crucial in the expeditious finaliziation the financing facilities", Al-Marzouq added.
On this occasion, AbyaarAbyaar Chairman Hesham Abdul Wahab Al Obaid said:" We have strong relationship with BKMEBKME and we finalized earlier this year a financing transaction viewed as the first of its kind in the financial sector in Kuwait, when BKMEBKME swiftly responded to our financing needs despite the implications of the global financial crisis."
"The primary objective behind the new financing deal is the completion of the Company's projects under construction, and the rescheduling of its local and foreign financial obligations, whether due or not yet due", Al Obaid added.
Al Obaid explained that the new financing deal is estimated at around KD 18 million, with the agreed tenor being up to 5 years, whereby the funds will be received by AbyaarAbyaar in tranches upon the completion of the respective projects. AbyaarAbyaar has been granted the finance against real estate collaterals with market value substantially exceeding the value of the facility. The belief of BKMEBKME in the performance of the Company and its operations that capitalizes on fixed- income generating real estate assets, was a major factor in the successful completion of the financing deals.
"We highly appreciate BKMEBKME
's constant support in meeting the requirements of the national companies. We hope that this agreement will further extend the fruitful cooperation between the two institutions, and will be the beginning of a long-term relationship based on professionalism and transparency", Al Obaid concluded. -Ends-
About AbyaarAbyaar:
AbyaarAbyaar Real Estate Development is a major real estate developer operating across the Middle East region, and providing high quality real estate properties renowned for their modern designs and selected prime locations. The company's vision is to develop boutique, contemporary destinations differentiated through exceptional quality, and contributing to raising the standards of lifestyle. The Company operates in compliance with the principles of Islamic Shari'a.
Originally established in 2002 as a limited liability company, AbyaarAbyaar's legal status was changed in 2005 into a shareholding company with a capital of KD 35 million, pursuant to a strategic partnership between Kuwait's Aayan Leasing and Investment Company and Al Rashdan Group. The list of major shareholders in AbyaarAbyaar includes other prominent names in the world of real estate and investment, such as Al-Khorafi Group, Al-Muthnna Investment Company and Wafra Investment Company. Through this partnership, AbyaarAbyaar demonstrates firm commitment to raising the benchmark for the real estate sector across the Gulf markets.
develops residential, commercial, retail and hospitality projects, using accomplished external and interior architects to create an unparalleled boutique product.Listed on the Kuwait Stock Exchange in 2007, the Company's capital was raised from KD 48 million to KD 53 million in 2008, and then to KD 106 million in 2009.
For more information pleasea contact:
Khaled Al-Sayer
Corporate Communications Manager
AbyaarAbyaar Real Estate development
Tel: +965 22996500
Fax: +965 22996501
Mobile: +965 99680222
Email: k.alsayer@abyaar.com
Website: www.abyaar.com
© Press Release 2009
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
More News in Financial Services
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.