Mubasher: Kuwait Real Estate on Wednesday said it has purchased five land plots in the UAE for a total consideration of KWD 5.41 million ($17.9 million).
The purchase was carried out through two of Kuwait Real Estate’s subsidiaries, the Kuwaiti firm said in a bourse filing, indicating that it was planning to develop these plots and establish a real estate project in the UAE.
Kuwait Real Estate further added that it had acquired banking facilities, from an Islamic bank, to proceed with buying the land plots.
As for the financial impact of this transaction, Kuwait Real Estate said it could not pinpoint it at the moment but would update the bourse in due course.
Kuwait Real Estate last reported a 16.5% year-on-year profit fall to KWD 1.1 million in the third quarter of 2018 from KWD 1.4 million, whereas its nine-month results showed an 11.07% growth in profits to KWD 5.02 million from KWD 4.52 million in the same period of 2017.
Kuwait Real Estate closed Wednesday in the red, falling 0.35% to 57.4 fils after 268,500 shares were exchanged at a turnover of KWD 15,300.
