Mubasher: National Industries announced that a foreign company has been awarded a complementary joint venture agreement with an additional value of KWD 19.5 million.
The foreign partner signed contracts worth KWD 45.5 million, the company said in a statement to Boursa Kuwait on Tuesday.
Earlier in January, National Industries arranged a partnership with a foreign company and a local partner to establish a subsidiary company in Kuwait to provide support services to foreign companies in the Gulf nation.
The unnamed foreign firm was awarded the five-year project at a value of KWD 26 million, National Industries added, expecting the subsidiary company to be fully operational by the first quarter of 2019.
During the first nine months of 2018, National Industries posted an 81.2% growth in profits to KWD 3.08 million, against KWD 1.7 million for the corresponding period in 2017.
