Skip to content Skip to Search
Skip navigation

$65m credit boost for Kuwait developer Mabanee

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.

Latest articles

Saudi inflation June 2024. Clothing and footwear prices in Saudi Arabia were down 3.2 percent year on year in June, and 0.2 percent month on month

Non-oil discounting brings Saudi inflation down

Saudi Arabia’s year-on-year consumer inflation rate fell to a low of 1.5 percent as non-oil businesses competed over prices but the wholesale price index remained at a high of 3.2 percent, reflecting high prices globally.  The consumer price index was down from 2.7 percent in June 2023. The CPI was also down from the 1.6 […]

hasan al fardan

Fintechs having ‘no impact’, says remittances CEO

Fintechs are no threat to the UAE-based remittances company Al Fardan Exchange, its CEO Hasan Al Fardan has declared. Al Fardan said there was no intention to drop fees to compete with finance technology startups. To date, he said, fintechs have had “no material impact on our business or our operations. We are hitting record […]

Almost 300,000 European visitors contributed to Oman's hotel revenues growing by more than 10 percent

Oman hotel revenues increase more than 10%

Hotel revenues across Oman were up by more than 10 percent in the first five months of 2024, fuelled by an increasing number of Asian and European visitors to the sultanate. Three-to-five star hotels reported revenues of OR108 million ($281 million) at the end of May, the latest data from the National Centre for Statistics […]

Saudi fishing trawlers

Saudi fishing industry bolstered by support plan

Saudi Arabia’s fishing industry has landed a financial support programme from the government as part of plans to develop and safeguard the sector. Fish production in the kingdom increased 80 percent in 2023 year on year to 214,600 metric tonnes. The goal is to increase that by 7 percent to 230,000 tonnes this year. The […]