First Dubai Real Estate to raise $294m from share sale

Dubai: First Dubai Real Estate Development Co. KSC., a unit of the Kuwaiti property investment company Al Mazaya Holding Co., is seeking to raise as much as 77.9 million dinars ($294.2 million) by selling stock to existing stockholders.

First Dubai will sell the shares for 100 fils each and use the funds to raise its capital by more than fourfold to 100 million dinars, it said in a filing to the Kuwait Stock Exchange.

The proposal needs shareholder approval, it said.