|16 July, 2019

Kuwait Salhia Real Estate’s unit closes credit facility pact

The increase in the credit granted to the company will be used to finance its activity

Image used for illustrative purpose. Kuwait, elevated view of the modern city skyline and central business district.

Image used for illustrative purpose. Kuwait, elevated view of the modern city skyline and central business district.

Getty Images/Gavin Hellier

Kuwait-based Salhia Real Estate has announced that its 99.74% subsidiary Al Assima Real Estate has signed a credit facility agreement with a local Kuwaiti bank.

Under the agreement, the credit limit of Al Assima with the bank will be increased to KWD 20 million, according to a bourse statement released on Tuesday.

The increase in the credit granted to the company will be used to finance its activity.

Salhia Real Estate reported a 29% year-on-year decrease in profits during the first quarter of 2019, recording KWD 4.1 million ($13.5 million).

Source: Mubasher

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