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Kuwait, 28 September 2009 - Kuwait Finance House (KFH) formalised an agreement to reschedule the debts of Aref Investment Group, for KD132 million (MYR 1.6 billion). These funds will be used to pay the Group's commitment to foreign banks and investment funds. This move asserts KFH's commitment to its subsidiaries as well as towards the Group's debtors and those companies that add value to the Kuwaiti economy.
Mr. Mohammed Al-Omar, Chief Executive Officer, KFH said, “This agreement comes after a thorough study of Aref Group, which enjoys a strong financial cover, fruitful projects, and wide range of investments.” He added, “KFH is positive the Group's projects are of high quality and are based on thorough due diligence and analysis. In addition, the agreement will boost the Group's business in the coming period, and will assist in executing its plans and programmes, especially given that its field of business includes investments and projects in profitable economic sectors.”
While the Kuwaiti economy is not insulated from the global financial crunch, the economic stimulus package and the banking deposits guarantee law put in place by the Government of Kuwait, and the legislative authorities protected the national economy as well as the banking sector from the financial crisis.
The Vice Chairman of Aref Group extended his appreciation to the KFH team for facilitating the rescheduling to ensure the company continues to execute its projects. He also highlighted that the quality of the plans and programs the Group follows. He said, “Our geographic and qualitative diversification policy is the fulcrum that played the primary role in protecting the Group from the global financial crunch, to a large extent. In addition, he thanked the supervisory authorities in Kuwait, which are represented by the CBK, for approving the deal, which will ultimately boost the trust of the people working in the financial and investment markets in Kuwait.
The signing ceremony was attended by Mr. Emad Al-Thaqeb, Assistant General Manager Financing Sector, KFH and Mr. Abdul Nasser Al-Subeih, Assistant General Manager for Investment Sector, KFH.
Mr. Mohammed Al-Omar, Chief Executive Officer, KFH said, “This agreement comes after a thorough study of Aref Group, which enjoys a strong financial cover, fruitful projects, and wide range of investments.” He added, “KFH is positive the Group's projects are of high quality and are based on thorough due diligence and analysis. In addition, the agreement will boost the Group's business in the coming period, and will assist in executing its plans and programmes, especially given that its field of business includes investments and projects in profitable economic sectors.”
While the Kuwaiti economy is not insulated from the global financial crunch, the economic stimulus package and the banking deposits guarantee law put in place by the Government of Kuwait, and the legislative authorities protected the national economy as well as the banking sector from the financial crisis.
The Vice Chairman of Aref Group extended his appreciation to the KFH team for facilitating the rescheduling to ensure the company continues to execute its projects. He also highlighted that the quality of the plans and programs the Group follows. He said, “Our geographic and qualitative diversification policy is the fulcrum that played the primary role in protecting the Group from the global financial crunch, to a large extent. In addition, he thanked the supervisory authorities in Kuwait, which are represented by the CBK, for approving the deal, which will ultimately boost the trust of the people working in the financial and investment markets in Kuwait.
The signing ceremony was attended by Mr. Emad Al-Thaqeb, Assistant General Manager Financing Sector, KFH and Mr. Abdul Nasser Al-Subeih, Assistant General Manager for Investment Sector, KFH.
