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Dubai: Kuwait’s International Financial Advisors (IFA) Holding has secured a deal whereby it gets to postpone paying off its entire debt for a further five years. The company has over the years built up a sizeable real estate project portfolio and was involved in the ‘Golden Mile’ on the Palm.
Under the new debt deal with a “foreign bank”, IFA will pay off its $65 million debt (20.05 million Kuwaiti dinars) on a fixed annual interest of 1.5 per cent, and which will be paid off in quarterly installments. A “related company” replaced IFA in the transaction.
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