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Kuwait real estate developer Mabanee has entered into a deal with a local bank to raise its credit facility from 25 million dinars ($81.5 million) to 45 million dinars ($146.7 million), according to a company disclosure on the Kuwait stock exchange (Boursa Kuwait).
The deal has been inked with a local bank for a period of 11 months. Mabanee said the purpose of this facility is for financing the company’s activities.
In December, Mabanee broke ground for its $1 billion project, The Avenues Khobar Mall, in Saudi Arabia located in the Eastern Khobar city. Phase 1 of the project will include a shopping mall and a mixed-use tower, which is expected to be completed by 2026.
The Kuwaiti developer also announced a deal last October to purchase a vacant plot in Bahrain Bay for $16.1 million through one of its subsidiaries.
(Writing by Bindu Rai, editing by Seban Scaria)
