Arabi Energy & Technology Company, a subsidiary of Arabi Holding Group Company (with a 73% ownership stake), has recently renewed three Murabaha agreements covered by a banking facilities contract with a local bank. The total value of these agreements is KD 21,501,724 (twenty-one million five hundred and one thousand seven hundred and twenty-four Kuwaiti dinars). 

  Arabi Holding, in a statement to Boursa Kuwait on Tuesday, clarified that this renewal comes after partial payment of the principal and profits associated with the Murabaha agreements. The renewed agreements are set to mature on March 20, 2024. 

As a result of this significant update, there will be a financial impact, specifically in the reclassification of both current and non-current liabilities.