Kuwait Finance House (KFH) has signed an agreement to reschedule the debts of Aref Investment Group that reached KD 132 million, which will be used to pay the group's commitments to foreign banks and investment funds. This step comes to assert KFH's commitment towards its subsidiaries and towards the group's debtors, in addition to its commitment towards companies that have an added value to the Kuwaiti economy, where KFH will reschedule the group's commitments towards its local debtors.
KFH's CEO Mohammed Al-Omar announced that this agreement comes after a thorough study of Aref Group that enjoys a strong financial cover, fruitful projects, and various investments. He added that KFH is positive that the group's projects are of high quality and are based on studied plans and programs. In addition, the agreement will boost the group's business in the coming period, and will assist it in executing its plans and programs, especially that is field of business includes investments and projects in real economic sectors. He highlighted KFH's commitment towards the national economy and its assistant of other companies.
Such a positive step will reinforce the efforts exerted by the Central Bank of Kuwait's (CBK) Governor Sheikh Salem Al-Sabah to face the consequences of the global crisis. These efforts achieved best results and made the national economy avoid many negative consequences, in addition to protecting the banking sector from the crisis by issuing the economic stimulus law and the banking deposits guarantee law, which proved that the economic status has top priority from the legislative and executive authorities.
Meanwhile, the Vice Chairman of Aref Group applauded the efforts exerted by the team assigned by KFH to sign the agreement that will allow the company to continue to execute its projects, and cement the trust that others have for it. He highlighted the quality of the plans and work programs that the group is following, since what the group has faced came hand in hand with the global crisis, especially that all markets were affected by the crisis. However, as a result of the geographic and qualitative diversification policy that the group follows managed to protect the group to a great extent from the global crisis. He went on to thank the supervisory authorities in Kuwait, which are represented by the CBK, for approving this deal, which will boost the trust of the people working in the financial and investment markets in Kuwait.
The signing of the agreement was attended by KFH AGM for Financing Sector Emad Al-Thaqeb and AGM for Investment Sector Abdul Nasser Al-Subeih.