Kuwait’s Alargan International Real Estate Co has signed a contract worth $218 million 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.

The first part of the contract is worth $177.5 million and would pay for the firm’s commitments to local banks. The second part, worth $36.2 million, would be used to fund Alargan’s projects.

Source:Construction Week Online

Fulya Altunyay/fulyaaltunyay@realestatecoulisse.com