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16 April 2024

Kuwait's Dar appoints Credit Suisse as adviser


By Reuters
Kuwaiti Islamic firm Investment Dar, which owns half of British luxury carmaker Aston Martin, said on Sunday it has appointed Credit Suisse as its financial adviser.

Dar said in December it was seeking to borrow up to $1 billion to refinance debt and was considering offers to sell up to 20 per cent of Aston Martin.

Investment Dar will work with Credit Suisse "to consider the options available to us in this market", Chairman Adnan al-Musallam said in a statement.

On Saturday, the central bank governor said he will present a plan on Monday to further shore up the Gulf Arab state's economy and banking sector in the face of the global financial crisis.

The central bank said last year some investment firms could face problems due to exposure to global markers with many of their investments financed through loans.

Investment Dar's share fell 2.63 per cent in early trading on Sunday.