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Kuwait gov''t approves Orient Education Services bid to launch new university |
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Wednesday, 21 April 2010 23:59 |
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KUWAIT, April 21 (KUNA) -- Orient Education Services (OES) announced on Wednesday that the cabinet approved its bid to launch a Canadian university in Kuwait.
Speaking to reporters after an OES general assembly meeting of the company, Board Chairman and Managing Director of Orient Real Estate Investment Company (OREIC) Hamed Al-Bader said OES would start the designing and construction works of the university in Al-Jahra area soon.
"The university, to be built on an area of 75,000 sq meters, will offer specialized educational services in the domain of business administration and management," Al-Bader said.
"Despite the negative impacts of the global financial crisis, OREIC was able to maintain its strong financial position," he affirmed, noting that the company sought to control its debts.
After managing to reschedule part of its debts for three years, the company is in talks with a major creditor to write off a big part of the debt service owed by the company, he revealed.
"OREIC which received bids to merge into large entities postponed its listing on Kuwait Stock Exchange (KSE) due to the decline of its profits this year," Al-Bader added.
The total revenues of the company grew by 30 percent in 2009 with the operational revenues hitting KD 5.5 million in 2009, which enabled to company to repay its debts since early 2010, he said, noting that the total value of debt service due in 2010 went down by 23 percent to KD 4.9 million. - Kuna
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