News Column

KFH acquires Safat Tower in KD 11 mln debt settlement deal

February 16, 2014

| KUWAIT, Feb 15 (KUNA) -- Kuwait Finance House (KFH) has acquired Al-Safat commercial tower in a final debt settlement of KD 11 million-deal with a client.

In a press release, KFH Acting Chief Executive Officer Anwar Al-Ghaith stated that Al-Safat commercial tower will be transferred to the bank's investment portfolio as it has become one of the bank's assets.

He underlined the importance of the tower that enjoys distinguished location in Al-Qibla area in the center of the capital. In addition, the property consists of 31 storeys with high occupancy ratio. Thus, it is considered to be a lucrative property that contributes to achieving valuable repetitive returns.

Moreover, Al-Ghaith stressed KFH's keenness on improving its investment portfolio through such rewarding properties so as to achieve better returns to shareholders and depositors with limited risks and according to in-depth study of the market developments and trends.

He pointed out that acquiring and exiting from real estates is considered as one of KFH's continuous operating businesses where it is a flagship at the domestic market due to over years accumulated experience that was directed to serve clients and to post better returns through diversified investments with managed risk. (end) mka.abd.ibi KUNA 151643 Feb 14NNNN

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Source: Kuwait News Agency

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