Kuwaiti real estate developer Mabanee said on Tuesday it has decided to increase its shareholding in its Saudi joint venture with Al-Fozan Group.

In a disclosure statement at Kuwait’s bourse, the firm said its Board of Directors has agreed to raise its share in Shomoul Holding Company from 60 percent to 80 percent.

Mabanee, with a capital of 124 million Kuwaiti dinars ($409 million), did not mention reasons for the increase but the firm has strong presence in Saudi Arabia.

(Writing by Nadim Kawach; Editing by Anoop Menon)


Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.