Kuwait's NIG to launch $358 million financing

Kuwait’s NIG to launch $358 million financing

Kuwait's National Industries Group Holding (NIG) said on Sunday it has appointed banks to raise more than 100 million dinars ($358 million) in a shariah-complaint syndicated loan

May 21, 2012 8:50 by Reuters

Kuwait’s National Industries Group Holding (NIG) said on Sunday it has appointed banks to raise more than 100 million dinars ($358 million) in a shariah-complaint syndicated loan.

“Lead arranger (Warba Bank) will invite local, Gulf and international banks to participate in this financing,”NIG said in an e-mailed statement.

“It comes in line with the strategy and objectives of the bank to support the local economy and local companies,” it added, saying the operation would be compliant with Islamic law. It did not give further details on the use of the proceeds.

Kuwait’s Kharafi Group, a major local investor, holds a stake in NIG according to Kuwait Stock Exchange data.

(Reporting by Ahemd Hagagy; Writing by Sylvia Westall)

ojectD� c �_��lm islands and islands shaped like a world map, completed its $16 billion restructuring last August.

The Palm Views are Nakheel’s second new residential project in 2012. It announced construction of a 100-unit townhouse project on the Palm Jumeirah earlier this year.

The new project is a shift from Nakheel’s earlier focus on large, luxurious villas and condos. All units at the Palm Views will be studio apartments and covers an area of 500 square feet.

“Such type of a project does not exist on the Palm. There is a lot of demand for this, especially among the youth. We are confident that it will sell,” said Lootah.

Construction will begin by the end of 2012 and the project is expected to be completed in the first quarter of 2014.

Lootah also said that the company’s first-quarter earnings will be an improvement on last year’s. The results are due next week.

($1 = 3.6730 UAE dirhams)

(Reporting by Praveen Menon)