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Article: BKME readies $111m realty fund for Abyaar.
- Article from:
- TradeArabia (Manama, Bahrain)
- Article date:
- June 27, 2009
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Byline: Kuwait
The Bank of Kuwait and The Middle East (BKME) said it has arranged a new KD32 million ($111.4 million) real estate financing facility for Abyaar Real Estate Development Company.
This facility follows the success of the KD14 million financing extended to Abyaar at the beginning of the year and is a landmark deal in the Kuwait financial sector especially in the wake of the global financial crisis, said a BKME official.
It is collateralized by mortgage of Abyaar-owned income generating real estate properties.
On signing the MoU for the new deal, BKME chairman Hamad Abdul Mohsen Al-Marzouq said:' Since the beginning of the ...