“In continuation of KFH trend to finance leading projects KFH has provided a KWD 100 million finance facilities to Al-Rai Real estate’s company’s subsidiary “Mabani Company” for the development of stage 4 of avenues mall, thus indicating KFH readiness and willingness to finance development projects, support leading Kuwaiti companies and enterprises which are making an added value to national economy and increasing society’s productivity,” said Mr. Mazen Saad Al-Nahedh – CEO – KFH.
Al-Nahedh reiterated that KFH is continuing to finance or participate in any of the country development projects, support national companies and fulfill their needs to achieve plans and projects and reinforce national economy. Kuwait needs to act fast on its infrastructure projects and increase its public utilities. He emphasized that KFH is continuing its policy to finance added value projects.
KFH has financed several Kuwaiti companies recently in a way that suite their needs and assist in the accomplishment of their plans and projects as per applicable credit rules and regulations and regulatory instructions.
Al-Nahedh added that the KWD 100 Million Tawarruq transaction extended to Mabani Company shall be in the form of tiers ending 30th September 2018. Settlement shall be made on quarterly installments for a period of 5 years. First installment shall mature on 1st October 2018. He reiterated that KFH finance facilities extended to Mabani Company to complete the 4th extension stage of Avenues mall confirms KFH confidence in the company which has a vision and an ability to accomplish tasks. The company was able to execute one of the most successful models of shopping malls in the region.
Al-Nahedh has appreciated the strategic relation between KFH and Al-Shaya’ group which is known for its credibility and successful projects locally and globally. He indicated that Avenues is one of Kuwait’s landmarks at the local and Middle East levels. The project gathers several activities under one roof and provides several fields of marketing. There is a vast record of cooperation between the two parties. KFH has financed Avenues’s second and third development stages and now finances the 4th stage. He indicated that the new finance facility is compatible with the projected cash flows especially that the company has sufficient experience and ability to execute the project in the best possible manner.
Mr. Waleed Al-Share’an – CEO – Mabani company said “Signing stage 4 finance transaction with KFH incarnates KFH confidence in Mabani Company in general and in Avenues project in particular as it is considered as the largest real estate project being executed currently.
He emphasized that project returns are expected to be remarkable at this stage. He added that retail traders holding global trade marks are very much interested in booking their positions in the avenues. They consider the complex as the largest shopping and entertainment destination visited by locals and tourists.
Al-Share’an indicated that the 4th extension project covers an area of 117 thousand square meters in addition to car parking to accommodate 5000 cars in 3 basement floors.