Aqar Real Estate Investments has concluded a facilities agreement worth AED 50 million or KWD 4.1 million ($13.5 million) with a bank outside Kuwait.
The company will use the said facilities in funding its projects and supporting relevant operating activities, Aqar Real Estate said in a filing to Boursa Kuwait on Sunday.
Neither the bank’s name nor its headquarters was disclosed. However, it is expected to be an Emirati bank as the deal value was announced in UAE Dirham.
Aqar Real Estate has several business activities, including buying and selling real estate properties and lands, while also developing these assets for its benefit whether inside or outside Kuwait. The company further performs construction, operation, trading, renting, and investment works in hotels, clubs, motels, touristic and health resorts, in addition to other activities.