Kuwait Real Estate Holding Company declared today, Monday, that one of its subsidiaries had been successful in a lawsuit related to the announcement of an arbitration ruling for terminating an investment contract for a plot of land under the “BOT” system.
As per a statement issued by Boursa Kuwait, the plaintiff was Mohammad Al-Otaiba, and the defendant was Al-Omran Real Estate Development Company.
The first-instance ruling stated that the case filed by an unrelated party was not admissible, and the lawyer fees were set at KWD 50.
The company clarified that it could not determine the financial impact of the verdict, and that it would be disclosed once the impact is material and quantifiable.
Additionally, "Kuwait Real Estate Holding" reported losses of KWD 578,790 in 2022, compared to a profit of KWD 2.18 million in 2021.