KUWAIT: Kuwait's National Real Estate Co. (NREC) is looking to sell conventional or Islamic bonds to reschedule debt, its chief financial officer said. NREC, which owns a 22.4 percent stake in Kuwaiti logistics firm Agility, is also trying to sell some of its non-core investments to reschedule 200 million dinars ($727 million) of debt, Ahmed Harfoush said late Monday. He said that the firm is in talks with consultants about a bond sale but said the project was still at the early stages. "It is still an idea, and depends on market conditions...We are still studying this matter to be able to refinance our existing facilities, so we can give ourselves more time to repay our debts, and could in turn execute our exit from our non-core business assets, or develop our big projects," he said. Harfoush said the firm has pieces of land in Tunisia, Lebanon and Jordan that it wants to sell to raise cash. The company's main goal is to complete a real estate project in Abu Dhabi's Reem island in the United Arab Emirates, which is facing financing problems, he said.
