Kuwait's Al-Massaleh Real Estate Co. has signed a loan agreement with the Austrian Bawag Bank. based on this agreement, the Kuwaiti firm will receive a loan worth 18 million Maltese Pounds (€42 million), reported the Kuwaiti newspaper, Al-Qabas on September 6. Al-Massaleh will repay the loan after five years.
The company allocated the loan to pay for a land it bought for €42 million in Mistra region, located in Malta. The area of the land is approximately 42,000 square meters. Al-Massaleh owns 50% of this land and the reminder belongs to a local partner.
The company also signed agreement with Real Estate Solutions Company for the administration and accomplishment of the project. This deal is worth 1 million Kuwaiti Dinars (some $3.4 million). The land in Malta will be used for the construction of deluxe apartments, 80% of them will be overlooking sea. The project is called "The Crown of the Sunny Region". The apartments of the project will be offered in Europe and North Africa and in other regions close to Malta.
