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Sat 27 Jun 2009 02:51 PM

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Kuwait's Abyaar gets $62m loan for property projects

Kuwait-based developer rceives finance from Bank of Kuwait and the Middle East.

Kuwait's Abyaar Real Estate Development Co said it received 18 million dinars ($62.48m) in financing from the Bank of Kuwait and the Middle East (BKME) to help it complete projects.

Hesham Al Obaid, Abyaar's chairman, "explained that the new financing deal is estimated at around 18 million dinars, with the agreed tenor being up to 5 years" a joint statement said.

"The funds will be received by Abyaar in tranches upon the completion of the respective projects. Abyaar has been granted the finance against real estate collaterals," he said.

In January, Abyaar secured a 14 million dinar loan from BKME to pay off financial obligations and finance projects.

In February, Abyaar said said it signed an initial deal for loans worth 45 million dinars from Global Investment House in a debt rescheduling plan. (Reuters)