Tuesday, 23 October , 2018     |     1110      |      +      |     

Kuwait’s $81m Dasman Complex put up for sale

Kuwait’s $81m Dasman Complex put up for sale : Google
  • Business

Kuwait’s National Real Estate Company (NREC) has signed a preliminary agreement to sell Dasman Complex amid a restructure to “significantly” reduce its debt.

Located in Kuwait City, the $81m (KWD24.7m) building will be sold as part of the two-year restructuring plan announced earlier this year by the developer that manages a $2bn (KWD606m) portfolio across the Middle East and North Africa.

he sale of Dasman Complex will be finalised in the coming months, NREC said in a statement.

“The sale of assets will help us increase our cash position and, in turn, grab new revenue-generating opportunities in Kuwait and the region,” the realty business said.

Two of the development opportunities noted by NREC were Reem Mall in Abu Dhabi and the Grand Heights residential development in Egypt. 

The company added it could sell off more real estate assets in the future to continue slimming down its debt and maintain a healthy cash position, so it can continue to develop new real estate. However, it said any such move would only be done to make it a more competitive player in the Middle East.

Kuwait Today Business Subscription

Category: #Business | 2018/10/23 latest update at 2:20 PM
Source : Construction Week | Photocredit : Google
Comments Add comment

Latest Comments

  LinkedIn Gulf Media

Sponsored Publications

Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.

Latest searches in Kuwait Today