Kuwait Real Estate Company has secured a new credit facilities deal worth KWD 30 million ($97.5 million) to manage current debt and obtain new capital for growth.

The facilities were granted at competitive interest rates and on flexible repayment terms, the firm said on Wednesday.

The facility is split into two, with the first KWD 15 million representing a restructuring or renewal of an existing debt, and the other KWD 15 million representing new credit.

The fresh capital will support Kuwait Real Estate Company’s operations. The firm is a pioneer in Kuwait’s property market, having been the first real estate business to list on the Kuwait Stock Exchange.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com