KUWAIT: Warba Bank has announced investing in a real estate in New York state in the US, consisting of nine floors with 85 residential units stretching over 18,000 square feet. The process was made through a fund where the bank is a main investor, Warba said in a statement yesterday, adding that the real estate is located in East Village neighborhood in Manhattan. The investment involves owning the Nathaniel property in the city, said the statement, noting that Warba is among the top investors in the US real estate sector.

The bank is planning to increase its assets through various big investments throughout the year, Warba’s Deputy Chief Executive Officer for Investment and Treasury Shaheen Al-Ghanim said. The real estate was completed in 2014 and has a prominent location, said Al-Ghanim, adding that it is the fund’s first investment agreement. Warba Bank was established by an Amiri decree and was officially registered by the Central Bank of Kuwait as an Islamic bank in 2010. Kuwait Investment Authority owns 24 percent of the bank’s total shares, while the remaining 76 percent was bought by the government and granted to Kuwaiti citizens equally. — KUNA