Kuwait's Abyaar Real Estate repays $10 mln for a Gulf bank

Abyaar Real Estate Development announced reaching a settlement with one of the Gulf banks regarding its financial obligations.

  
10 January 2017

Kuwait – Abyaar Real Estate Development Company has announced reaching a settlement with one of the Gulf banks regarding its financial obligations that amounted to 36,829,471 Emirati Dirham.

Abyaar reported that the settlement included a repayment of 2 million Emirati Dirham upon the signing of the agreement, and the remaining amount of AED 34,829,471 was rescheduled and paid on semi-annual payments, over a period of four years.

The company also stressed that it has fulfilled all its contractual obligations with the aforementioned bank; where the total amount of AED 36,829,471 has been paid back in accordance with the payment plan listed in the agreement with the bank.  

It’s noteworthy that Abyaar has finalized and delivered Hilliana Tower in Acacia Avenues. Hilliana Tower has a collection of luxury residential apartments located at the heart of Jumeirah in Dubai. The tower consists of 28 residential stories with a magnificent view of the city and it reaches a height of 104 meters. The tower has uninterrupted views of the Arabian Gulf, the iconic Burj Al Arab, and The Palm Jumeirah. It consists of 49 studio apartments, 50 apartments with one master bedroom, and 75 apartments with two master bedrooms. Along with providing 196 parking spaces for residents.

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About Abyaar Real Estate Development Company 
Abyaar Real Estate Development is one of the leading companies operating in the field of property development in the Middle East region. It performs high-quality real estate projects, and well known for its contemporary designs and selection of prime locations.

Abyaar is engaged in developing residential and commercial projects as well as hotels with the help of renowned architects and experts of exterior and interior design, in order to provide unparalleled prestigious product. Moreover, the company operates in compliance with the principles of Islamic Sharia.

www.abyaar.com

© Press Release 2017

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