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$65m credit boost for Kuwait developer Mabanee

By Gavin Gibbon
Mabanee Kuwait Pexels/Tayssi Kadamany
Kuwait company Mabanee's 2023 net profit increased to KD65m, up from KD61m the previous year
  • 80% increase in credit facility
  • Cash will finance activities
  • Agreement with unnamed bank

The Kuwait real estate developer Mabanee has signed a deal to increase its credit facility by 80 percent, from KD25 million ($81.5 million) to KD45 million.

The agreement was reached with “a local bank”, according to a filing on the Boursa Kuwait. Details of the bank were not disclosed.

The facility, which has been extended for a period of 11 months, will be used for “financing the company’s activities”, the filing said.

Mabanee is developing several projects in its native Kuwait, as well as in Saudi Arabia and Bahrain.

In August last year it awarded a construction contract worth SAR3.66 billion ($976 million) for the first phase of The Avenues Khobar, a mixed-use project in Saudi Arabia. Ground was broken in December and the first phase is due to complete by 2026.

Mabanee also bought a plot of land in Bahrain Bay for $16.1 million in October 2023.

The company’s 2023 net profit increased to KD65 million, up from KD61 million the previous year, according to its latest financial statements.

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