International Financial Advisors Holding Company (IFA) said its associate, IFA Hotels and Resorts, has acquired a 66.6 percent interest in a land plot in Abu Dhabi, the UAE, for 17.72 million Kuwaiti dinars ($57.31 million).

The investment by IFA Hotels and Resorts is done in collaboration with Kuwait Real Estate Company, a related party, IFA said in a filing on Boursa Kuwait.

IFA Hotels and Resorts’ share amounts to 20 percent of the total investment value of KD5.3 million ($17.14 million), correspondingly increasing liabilities by the same amount, the statement added.

No details were given on the land’s location in Abu Dhabi.

(Writing by P Deol; Editing by Anoop Menon) 

(anoop.menon@lseg.com)

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