Abdullah Al Awadi

Abdullah Al Awadi

Since Al Ahlia Holding Co. asked the Kuwaiti government for a $157 million bailout, everyone’s been interested in the chairman and his group of friends. Here’s a short list.

March 8, 2009 9:06 by Aarti Nagraj

Abdullah Al-Awadi began working at Al Ahlia Holding Co. (AHC) in 2004, for the Direct Investments Department, International Investments and Company’s International Real Estate Fund. He is currently the chairman and managing director of AHC.

According to Arabian Business, the Kuwaiti investment firm AHC is “seeking loans of up to $157 million to refinance debt and expects a 2008 loss as it books provisions to weather the downturn.”

AHC cancelled deals for local real estate projects worth $781 million in the last quarter of 2008 to avoid “further losses amid a global credit crunch hitting the oil exporter.” The company is trying to restructure their current debt, pushing it for “at least two to five years.” Local banks are hesitant to lend until parliament approves a $5 billion stimulus package guaranteeing fresh loans given to investment firms to help refinance debt.

“We have gone to (local) banks and we have offered 200 and 300 percent coverage and they said: wait,” said Al Awadi. Adding “We expect to see a very drastic downturn during this year (for real estate), it should correct itself into 2010.”