Kuwait URC posts $79m profit
Kuwait, February 19, 2013
United Real Estate Company (URC), one of the Middle East’s leading developers, has registered a net profit of KD22.5 million ($79.5 million) for 2012, up 122 per cent compared to the previous year.
One of the largest real estate development companies in the Mena region, URC boasts of major projects such as Abdali Mall in Jordan, Salalah Gardens Mall in Oman and the luxurious high-end Raouche View at 1090 residential tower in Lebanon.
URC’s majority shareholder is Kuwait Projects Company (Kipco), one of the largest and most diversified holding companies in region, with assets under management worth $23 billion with substantial ownership interests in over 60 companies operating across 26 countries.
Commenting on the results, chairman Tariq Mohammed Abdul Salam said, "We are very proud to have achieved these excellent results. They are a reflection of the success of the company's overall business strategy in the past year in assessing and managing our high value assets more effectively to achieve greater value and returns for the company and its shareholders."
"With the highly appreciated efforts of the executive management team, we shall continue to apply this strategyfor the upcoming years," he added.
CEO Mohammed Ahmed Al-Saqqaf said, "We are pleased with this year’s outstanding results and look forward to continuous achievements that will strengthen URC both operationally and financially."
In Kuwait, URC’s notable properties include Marina Mall, Marina Hotel, Marina Plaza, City Tower,Shaheed Tower, and the recently completed, Kipco Tower. "In addition to the company’s projects under development, URC has a portfolio of operational assets, one of which is the Fairmont Hotel in Egypt," he added.-TradeArabia News Service