Settlement funded by Al Mazaya Hold, parent company of developer
First Dubai Real Estate Development, the real estate developer listed on Boursa Kuwait, has completely settled its due debts worth $52 million with a leading GCC bank, in addition to related financing charges and other due fees.
The settlement was funded by Al Mazaya Holding, the parent company of First Dubai, through the current account between the two parties, the bourse filing added. Accordingly, the interim consolidated financial information of the company for the third quarter of 2019 will be impacted by the settlement, the statement added.
First Dubai added that the 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.
In the second quarter of 2019, First Dubai turned to profitability with $373,493, against a net loss of $1.18 million in Q2 2018.
First Dubai’s projects in Dubai include Queue Point, The Villa, Skygardens and Morina Residence, amongst many others.