Kuwait-based United Real Estate Company (URC) has been selected as the ‘Best Retail Developer, Middle East - 2014’ by the World Finance Real Estate Awards.

The awards are constituted by World Finance, a London-based leading financial magazine, produced by World News Media.

The magazine features reports on capital markets, risk management, trading, technology, corporate governance issues and regional markets.

This is the first corporate award-win for URC, recognizing the company’s 40 plus years of leadership in the real estate development industry, said the Kuwaiti company in its statement.

Commenting on the achievement, chairman Tariq M. AbdulSalam said: "It brings us great pleasure that URC has been voted and selected as Best Retail Developer in the Middle East by a reputable and global organisation such as World Finance."

"Our corporate vision remains to consistently deliver world-class products through utilizing sound practices and innovative design techniques, such as in our latest award-winning retail project development in Jordan, Abdali Mall," he stated.

"This project, due for completion mid-2105, encompasses advanced techniques such as integrated solar power generation as well as advanced mechanical and electrical services including LED lighting. URC’s projects are testimonies of how design-driven properties play a key role within the communities that we develop for," he added.

With over $1.74 billion of assets, URC’s diverse portfolio ranges from commercial, residential, to hospitality, and mixed-use developments throughout the Mena region.

The Kuwaiti developer's award-winning retail projects include Marina Mall,  a contemporary shopping mall with more than 150 shops in Kuwait, and Salalah Gardens Mall, the first fully integrated shopping mall in the city of Salalah, Oman.

The mall covers a total built-up area of 86,074 sqm and features a wide variety of shopping, dining and entertainment options, as well as a traditional souq and the city’s first three-screen multiplex cinema.-TradeArabia News Service