Kuwait's Aqar agrees one-year Murabaha facilities with Boubyan

Loan will be rescheduled during a period of 3-6 months

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Kuwait - Aqar Real Estate Investments Company has obtained Murabaha credit facilities from Boubyan Bank for one year that could be extended.

The loan will be rescheduled during three to six months, according to a bourse disclosure on Wednesday.

On Tuesday, the real estate firm announced received loans of KWD 2.2 million from an unnamed local bank at an interest rate of 1.5% above the discount rate announced by the Central Bank of Kuwait (CBK).

In 2019, the profits of Aqar Real Estate jumped by 108.8% to KWD 2.54 million ($8.35 million) when compared to KWD 1.21 million ($3.98 million) in 2018.

 

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