Kuwait's IFA gets more time to pay off $65m debt burden

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.

The company has over the years built up a sizeable real estate project portfolio and was involved in the ‘Golden Mile’ on the Palm.

Other big-time developers in the Gulf could also be rescheduling their debts in the coming days, to make better use of the low interest rate environment. It's unlikely that rates are going to head higher at any immediate point.