Kuwait's Abyaar Real Estate Development Company said on Wednesday it would get fresh credit facilities from local lender Bank of Kuwait and Middle East (BKME).

'The firm will use part of the amount to pay off its financial obligations and to finance its real estate projects,' the company said in a statement on the Kuwait bourse website.

It did not say how much the loans were worth, and a company spokesman could not immediately be reached for comment.

In October, Abyaar said it planned to launch real estate projects worth Dh4 billion ($1.09 billion) in the United Arab Emirates.

A month later, the firm said it was in talks to sell a property project in the UAE to an unidentified investor. Several local investment firms have said they needed fresh loans in the light of a global credit crunch.-Reuters