United Real Estate sells Qatar asset
Kuwait, May 25, 2014
Kuwait-based United Real Estate Company (URC) has sold its 10,105 sq m plot in Qatar.
The total cash transaction value was KD6.1 million ($21.8 million), achieving a net profit of KD2.9 million, said a statement.
Mohammed Ahmed Al Saqqaf, chief executive officer, said: “The sale represents 0.6 per cent of URC’s total assets, and is in line with our corporate objective of reducing our exposure to non-earning assets, which also do not possess any real strategic value in our real estate portfolio.
“We are able to achieve this objective by identifying opportune and advantageous exit scenarios as such. ”
The sale will be reflected in the second quarterly financial statements, he added. - TradeArabia News Service
