Al-Mazaya Holding Company will make $172 million in profit from its sale of a real estate project in the United Arab Emirates, the Kuwaiti property developer said.

The company's subsidiary First Dubai Real Estate Development Company, which is 76.7 percent, owned by Mazaya, will earn KD72 million in total profits from the sale, the firm said in a statement on the website of Kuwait's bourse.

Dubai-based mortgage lender Amlak Finance said on Wednesday it was in talks with First Dubai to acquire its Sky Garden tower for about Dh1.65 billion ($449.3 million).

Both Kuwaiti firms intend to book profit from the deal in 2008 and 2009 results, according to the statement.

Forward this article