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AQARAT 75 Million Dinars Facilities from AL-AHLI United Bank

Kuwait Real Estate Company (AQARAT) announced signing an agreement to obtain credit facilities from Al-Ahli United Bank amounting to 75 Million (Seventy Five Million Kuwaiti Dinars) with annual interest ranging between 1.75% and 2.4% above the discount rate of the Central Bank, provided that settlement of these facilities to be concluded in year 2020. It is expected that the impact of these facilities will become noticeable as of the first quarter of year 2015AD.

Chairman of the Company - Mr./ Ibrahim Saleh Al-Tharban, commented on this matter by saying: “ The rescheduling agreement goes in line with the business plan set out by Company and also the schedules for repaying its debts. He pointed out that this agreement confirms the quality of assets in the hands of Kuwait Real Estate Company (AQARAT) and also the stable cash-flow they are generating, while the agreement grants the Company the opportunity to fulfill the plan of developing its major projects, expanding its real estate activity, and entering into new well-studied projects yielding good returns”.

Executive Officer of the Company - Mr./ Emad Al-Essa said: “Kuwait Real Estate Company (AQARAT) has carried on with implementing its future strategy. Lately, we started revamping the government BOT projects awarded to the Company for the coming ten years, by means of adopting comprehensive plan to refurbish both Kuwait Souk and Grand Souk buildings thus have new appearance in line with the developments of the modern era. Moreover, the Company has exited from “Reem Center Complex“ at Salmiya district thus benefited from the prevailing price rise in the real estate market, in addition to purchasing a land at Beda district which holds Arabilla Entertainment Complex owned by the Company, with total area of 13 Thousand square meters.

On the regional and international levels, the Company is working on selecting the best investment opportunities to expand its portfolio in each of: United Arab Emirates, United Kingdom and United States of American by means of exiting from some investments with good yield then reinvest these money sums in futuristic promising opportunities. Therefore, the Company is studying several opportunities in Dubai city to expand its portfolio of projects existing at present in this city. Besides, we announced investing in Ashbourne Beech Company at the city of London, and embarking on a study to enlarge the spread of Yotel Hotels chain in America following our success in publicizing the name in New York city”.

Mr./ Al-Tharban concluded his statement by saying: “Kuwait Real Estate Company (AQARAT) is known for coming up with investment products of high returns. The Company’s management is working diligently on devising a well-thought of and promising future that would ensure continuity and success for the Company and its shareholders”.