Kuwait Finance House makes $96m profit from Saudi exit

Islamic bank sells off real estate project in Saudi Arabia to unnamed buyer
KFHs Saudi unit told the bourse it had made a $96m profit on the real estate sale
By Reuters
Sun 08 Jan 2012 12:31 PM

The Saudi
unit of Kuwait Finance House, the Gulf state's largest Islamic bank, made a SR360m ($96m) profit from the sale of a real estate project in
the kingdom, the bank said in a regulatory filing on Sunday.

KFH sold
the project for SR1.5bn and that the profit will be reflected in the bank's
first quarter financial results, the statement added.

The buyer
of the project was not disclosed.

Saudi
Kuwait Finance House, a wholly-owned subsidiary of KFH, was granted approval to
operate by the Saudi Capital Markets Authority in November 2008.

At the
same time, KFH also established a real estate company with capital of SR2.5bn to
provide housing units in the kingdom.

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