Abyaar Real Estate Development Company and Al-Muthanna Investment Company announced the signing of an agreement appointing the latter as a financial advisor for Abyaar, with a view to providing advisory services and recommend financing strategies.

Commenting on this event, Abyaar Vice President & Managing Director  Marzouq Al-Rashdan said: "Al-Muthnna Investment Company is one of the leading Kuwaiti companies in providing integrated financial and advisory services to its investors in different local and international markets. Furthermore, Al-Muthnna has great capabilities to evaluate financial strategies responsive to our needs. We also see complete harmony between our activities."

"The new financing deals will be directed to completing our current projects, as well as the projects we have announced in Saudi Arabia – Jeddah Coniche, and Egypt- Port Ghalib on the Red Sea coast", Al-Rashdan added.

On the other hand, Abdul Azizi Al-Marzouq- General Manager of Al-Muthanna investment Company said: "We are confident Abyaar will weather this crisis, and we have a clear conception as to the financial advisory services that we will be providing to Abyaar. These services will enhance Abyaar's ability to access more strategic markets, both within and outside the region, and to launch a number of vital projects. Abyaar has posted a notable growth over the past years through entering new markets, diversifying income sources and launching several innovative projects”, Al-Marzouq added.

"Noteworthy in this regard is that Al-Muthanna has acted as the subscription underwriter for Abyaar's capital increase transaction. This signals our firm belief in the feasibility of investing in Abyaar, which is living a crucial stage of its operating history. Together, we are seeking to attain leadership", Al-Marzouq concluded.

The two parties expressed their anticipation that this agreement will be the starting point for a long-term relationship built on professional dealing and reciprocal transparency.

Photo caption: (right to left): Marzouq Al-Rashdan- Abyaar Vice President & Managing Director, and Abdul Aziz Al-Marzouq, Al-Muthnna General Manager, during the agreement signing ceremony.