First Dubai settles AED 189.5m debts to GCC bank

Mubasher: First Dubai Real-estate Development Co, listed on Boursa Kuwait, announced it has settled its due debts to one of the GCC banks, as well as related financing charges and other due fees.

The settlement worth AED 189.5 million was funded by Al Mazaya Holding Co, the parent company of First Dubai, through the current account between the two parties, according to a bourse filing.

Accordingly, the interim consolidated financial information of the company for the third quarter of 2019 will be impacted by this settlement, First Dubai noted.

Moreover, the company added that this process will end its financial burdens regarding the financing charges related to the banking facilities from the date of settlement and to the improvement of the company’s future financial liquidity.

It is worth noting that in the second quarter of 2019, First Dubai turned to profitability with KWD 112,410 in profits, against a net loss of KWD 357,000 in Q2-18.

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