Mubasher: The board members of National Real Estate on Tuesday approved the execution of Reem Mall project in Abu Dhabi, UAE.
The board members nodded to issuing and approving an institutional guarantee worth $457 million as an assurance to fund the project, according to a bourse statement issued on Wednesday.
At the current time, the institutional guarantee will be issued with not financial impact on National Real Estate’s financial position; however, the financial impact will be determined once the guarantee is liquidated.
It is noteworthy that the Kuwaiti company registered a decline of 7.4% in profits to KWD 3.7 million during the second quarter of 2017, while the earnings in the first half declined by 1.6% to KWD 7.5 million.
