Al Mazaya Holding, a leading real estate development company in Kuwait, said one of its UAE-based subsidiaries has signed an agreement for the sale of a property in Dubai for Dh77 million ($20.9 million).
A major player in the region, Al Mazaya provides a wide spectrum of real estate products and services - from purchasing, apportionment and developing of large areas in select zones to offering ready-to-use residential and commercial spaces. It is listed on both the Dubai Financial Market (DFM) and Boursa Kuwait.
The deal will be implemented in both cash and kind, where the cash sum amounts to Dh40 million ($10.8 million) and the payment-in-kind to Dh37 million ($10.1 million), said the company in a statement.
The transaction will be settled by transferring other income-generating real estate units, from the buyer and registered through their fair value (FV) as per the International Standards for Financial Reports (ISFRs), it added.-TradeArabia News Service
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