News Archive

NREC Statement Regarding Free Trade Zone Verdict

23 - March - 2016

National Real Estate Company (NREC) formally received on March 22 the Court of Cassation’s final ruling relating to the Free Trade Zone legal dispute; thereby confirming cancellation of the company’s BOT contract with the Free Trade Zone.

The court’s ruling will not have negative financial implications on the company’s balance sheet or income statement in 2016, nor in the future, noting that the company took a provision relating to the lawsuit in 2006.

NREC respects the court’s decision, and continues to operate and develop a diversified portfolio of real estate assets in Kuwait and the region, in line with its mission to create value for its shareholders and customers.