Mubasher: Aayan Real Estate has received a report from the director of Egypt’s third real estate portfolio referring to a decline of 60%.

The report also added that procedures for liquidating the real estate portfolio in Egypt have begun, according to a bourse filing disclosed on Monday.

Aayan’s investment in this portfolio is valued at KWD 400,000 ($1.33 million); however, this investment was worth KWD 1 million or 30.96% of the portfolio’s capital.

The Kuwaiti company clarified that its losses from liquidating the real estate portfolio in Egypt will be within a maximum of KWD 600,000 which will be realised in the income statements of the fourth quarter of 2017.