Kuwait-based Al Mazaya Holding said one of its units First Dubai Real Estate Development Company has completely settled its due debts worth Dh189.5 million ($52 million) with a leading GCC bank in addition to the related financing charges and other due fees.

This settlement was funded by Al Mazaya Holding through the current account between the two parties, said the company in its filing to Boursa Kuwait.

The transaction will be reflected in the interim consolidated financial information of the company for the third quarter of 2019, it stated.

This process will end the financing charges associated with the banking facilities as of the date of settlement in addition to the enhancement of future financial liquidity of the company, it added.-TradeArabia News Service