“Arabia Real Estate” shares rose 0.45% at the end of today’s session

The shares of the Arab Real Estate Company, listed and traded on the Kuwait Stock Exchange, rose by 0.45% at the end of Sunday’s session, closing at a price of 88.9 fils per share, driven by the comment it issued in response to what was circulated in a local newspaper about the transformation of its activities.

Trading in real estate shares at that time occurred through 388 trading transactions, over 28.02 million shares, with a trading value of 2.54 million dinars.

The highest share price at that time was 92 fils per share during the session, while the lowest share price was 87.6 fils per share.

This increase came after the Arab Real Estate Company issued a response to what was circulated in a Kuwaiti newspaper about shifting its activities to be compatible with Islamic principles, based on a request from the Kuwait Stock Exchange.

The company explained that since the capital reduction process, it has continued to implement restructuring plans, and is striving to achieve everything that benefits shareholders, improve its financial position, and increase its profits.

It indicated that it is studying several options, including transferring its financial obligations to Islamic financial institutions, which will lead to transforming its activities to be compatible with the provisions of Islamic Sharia.

The company also confirmed that it is studying appropriate decisions regarding the sale, disposal or development of its assets, which constitutes the core of its work.

She added that, as of the date of this response, she had not received any approvals from any Islamic bank, nor had any official agreements or contracts been signed related to the disposal of any foreign assets, while stressing that she would announce any developments immediately after signing any official agreement.