Kuwait's Alargan Int'l Real Estate signs $218m bank facilities contract
Of the total amount, $36.2m will be used to fund projects by the developer behind Al Bida'a in Kuwait and Argan Village in Bahrain
Kuwait’s Alargan International Real Estate Co – the developer behind projects such as Alargan Business Park, C Club, Argania, Al Bida’a in Kuwait; Argan Village in Bahrain; and Qurm Gardens in Oman – has signed a contract worth $218m (KWD66.5m) with a local bank to organise its financial structure and turn its short- and medium-term commitments into long-term ones to prove its financial solvency.
Citing a Boursa Kuwait missive, Kuwait’s official news agency Kuna reported that the first part of the contract is worth $177.5m (KWD53.9m) and would pay for the firm’s commitments to local banks.
The second part, worth $36.2m (KWD11m), would be used to fund Alargan’s projects.
According to the Kuna report, Alargan was established in 2002 and listed on Boursa Kuwait in 2007.
Alargan’s operations include property development, management, and consultation.