Wednesday, Aug 17, 2011
BEIRUT (Zawya Dow Jones)--Kuwait Remal Real Estate Co. plans to acquire a hotel company in Egypt for $90 million, Kuwait-based Al Watan daily reports Wednesday citing an executive.
The seller of the hotel group, which wasn't named, is expected to give its approval to the deal by the end of next month, according to the newspaper.
Remal is also considering infrastructure projects in Eastern Europe valued at $100 million in cooperation with European investors, but no formal agreement has been reached yet, the paper reports, citing Mohammad Al Nassar, chairman and managing director of the property developer, which listed its shares on the Kuwait bourse earlier this year.
The company is also in talks with three local banks to get loans worth 10 million Kuwaiti dinars ($36.7 million) that it will use to seize new investment opportunities in the domestic real-estate market, he told Al Watan.
Newspaper website: http://alwatan.kuwait.tt/ArticleDetails.aspx?Id=132432&YearQuarter=20113
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
17-08-11 0455GMT
