Mubasher: Kuwait Real Estate Company has announced that one of its subsidiaries in the UAE signed a contract to buy a property in Dubai.
The deal’s consideration amounted to AED 395 million ($108 million), according to a bourse statement released on Thursday.
The transaction is financed by a KWD 19 million loan granted by a bank operating in Kuwait at reasonable interest rates and flexible payment period.
It is worth noting Kuwait Real Estate reported a decline in profits by 18.4% during the third quarter of the year, with profit reaching KWD 1.35 million ($4.46 million).
