December 23, 2021 real estate

Kuwait's National Real Estate sells stake in Iraq unit for $15mln


Kuwait's National Real Estate Company (NREC) said it has sold its entire shares in a subsidiary in Iraq for 4.54 million Kuwaiti dinars ($15 million).

The shares in Erbil-based KREDCO Real Estate Ltd. Co. represents 51 percent of its capital, NREC said on Wednesday in a filing on Boursa Kuwait.

NREC made a gain of 4.54 million dinars which will be reflected in the financial statement for 2021, it added.

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