|12 December, 2019

Kuwait's Al Arabiya Real Estate sells properties for $14mln

Al Arabiya posted a net loss of $4mln in the first nine months of 2019

Image used for illustrative purpose. Panoramic view of Kuwait City at dusk.

Image used for illustrative purpose. Panoramic view of Kuwait City at dusk.

Getty Images/Emad Aljumah

Kuwait -Al Arabiya Real Estate has signed an initial contract to sell properties in the Kuwaiti cities of Al Salmiya and Al Farwaniya for KWD 4.17 million, the company said on Thursday.

Once the sale is concluded, Al Arabiya will incur net loss of KWD 490,740, after the ownership transfer procedures are duly completed, the real estate firm said in a Boursa Kuwait filing.

The losses will be probably included in the financial results for the fourth quarter of 2019.

Al Arabiya posted a net loss of KWD 1.21 million in the first nine months of 2019, declining by 20.6% from KWD 1.53 million in the year-ago period.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.