URC sells plots for $46.77m
Kuwait, July 7, 2013
United Real Estate Company (URC), a leading real estate development company in the Mena region, has sold 10 of its plots in Kuwait’s Mubarakiya area and two plots in the Entertainment City, a mixed-use development in Qatar.
The total value for these two transactions was worth KD13.4 million ($46.77 million), achieving a combined net profit of KD2.8 million for the company, said a statement.
URC’s CEO, Eng Mohammed Ahmed Al Saqqaf stated: “The sale of these plots is in line with our strategy to liquidate similar assets and use the proceeds more efficiently. Our ability to manage our assets is a reflection of our rigorous approach to manage our cash flows and our commitment to diversify and develop our real estate portfolio.” – TradeArabia News Service