Kuwait-based Mabanee Company, one of the region's largest real estate developers, has announced the signing of an Islamic financing agreement worth KD104.8 million ($341 million) with a 60-month tenor.

Of this, KD8.5 million is a financing facility and KD1.9 million is a limit on letters of guarantee (non­ cash), said Mabanee in its filing to Boursa Kuwait.

The Kuwaiti group aims to use these funds to settle existing financing facilities and provide the necessary liquidity for the company's activities, it added.

It had recently sealed a green financing agreement, the first for Kuwait, with the National Bank of Kuwait (NBK). The loan, worth KD25 million ($81.46 million), will be utilised by Mabanee to finance the Sabah Al-Ahmad Project (S3), an ambitious development targeting LEED Gold Certification for Building Design and Construction (LEED BD+C) from the US Green Building Council, the world’s leading authority on sustainable building standards

TradeArabia had earlier reported that Mabanee had signed a deal with global hospitality major Hilton for the development of its prime project - Hilton Kuwait Resort - at Mangaf.

Scheduled to open next year, Hilton Kuwait Resort will be the largest coastal resort in the country offering 330 modern guest rooms, including 80 chalets, 64 villas and 36 studio apartments. 

With a serene seaside setting spanning 1.3 km of beach, it is being positioned as a premier getaway for both residents and international business and leisure visitors.

Early this year, Mabanee’s Saudi subsidiary had awarded contracts worth SAR1.13 billion for the construction of five towers within the second phase of its key mixed-use destination - The Avenues Riyadh. 

The SAR17.2 billion Avenues – Riyadh is a mega multi-purpose development with a built-up area of 1.8 million sq m in the north of the Saudi capital.-TradeArabia News Service