Islamic bank sells off real estate project in Saudi Arabia to unnamed buyer
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.
the project for SR1.5bn and that the profit will be reflected in the bank's
first quarter financial results, the statement added.
of the project was not disclosed.
Kuwait Finance House, a wholly-owned subsidiary of KFH, was granted approval to
operate by the Saudi Capital Markets Authority in November 2008.
same time, KFH also established a real estate company with capital of SR2.5bn to
provide housing units in the kingdom.