Kuwait – Mubasher: Action Real Estate Co (AREC) on Tuesday announced signing a syndicated facilities agreement with a number of national and international banks, led by Boubyan Bank, worth KWD 72.8 million ($239 million).
Boubyan Bank took over the management of the eight-year financing process under the Islamic Murabaha scheme with Warba Bank, the Bank of London, and the Middle East Bank (an Islamic bank located in London).
This agreement aims to finance the current and future development processes of AREC and its plans to further expand in hotels, commercial, and residential complexes inside and outside Kuwait, Boubyan concluded.
