Kuwait – Mubasher: The arbitration court in Kuwait has ordered National Real Estate (NREC) to pay KWD 6.03 million ($19.7 million) to Suad Trading Company, regarding the dispute over an investment contract of the free trade zone.
NREC said it was ordered to pay KWD 4.4 million as compensation to Suad Trading for the registered profits, KWD 1.45 million as compensation for losses, KWD 16,000 as fees and law costs, and KWD 160,000 as arbitration fees, the company said in a bourse statement issue don Sunday.
The real estate firm will file an appeal against the arbitration ruling, the statement said, noting that the financial impact from this order cannot be determined yet.
