Kuwait Real Estate News
Abyaar set to acquire new real estate company
Abyaar Real Estate Development has announced plans to acquire Sanam Real Estate Company listed on the Kuwait Stock Exchange, a spokesperson who spoke to Emirates Business revealed.
Meanwhile, the Bank of Kuwait and The Middle East agreed that it has arranged a new real estate financing facility for Abyaar, which follows the KD14million financing extended to it at the beginning of the year.
The Chairman of Abyaar, Hesham Abdul Wahab Al Obaid, said that the primary objective behind the new financing deal is the completion of projects by the company that are under construction, and the rescheduling of its foreign financial obligations, whether due or not due.
The new financing deal is estimated at about KD18m, with a tenor of five years, whereby the funds will be received in tranches on completion of the respective projects.
In January 2009, Abyaar mentioned that it will review plans to launch mixed-use project in International Media Production Zone (IMPZ) by mid-2009.
During January 2008, Tecom Investments, together with Abyaar had entered into a joint venture to invest Dh.10bn on developing mixed-use projects in the Tecom Site-A along the Al Soufouh Road.
The company has also put off plans to officially launch a new residential tower at Dubai Marina.
Abyaar also recently acquired plots on the Dubai Waterfront, and currently it has a total of Dh.25bn worth projects in hand.
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