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Kuwait: United Real Estate Company (URC), one of the leading real estate developers in the MENA region announced today its award title as 'Best Retail Developer, Middle East - 2014' by the World Finance Real Estate Awards.
This is the first corporate award-win for URC, recognizing the company's 40 plus years of leadership in the real estate development industry.
Commenting on this achievement, URC's Chairman, Mr. 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 organization 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. 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."
With assets over US $ 1.74 billion, URC's diverse portfolio ranges from commercial, residential, to hospitality, and mixed-use developments throughout the MENA region. The company has proven to be a market leader in the region through its assets set in prime locations and its contributions to the societies and economies in which it operates in.The award serves as a testament to URC's business strategy to develop and deliver innovative and design-driven developments that contribute to the built environment.
URC's notable award-winning retail projects include Marina Mall in Kuwait and Salalah Gardens Mall in Salalah, Oman. Marina Mall is a contemporary shopping mall with more than 150 shops. The Mall is connected by a glass-enclosed bridge to Marina Crescent, a seafront component lined with international cafes and restaurants. Salalah Gardens Mall (SGM) is the first fully integrated shopping mall in the city of Salalah. 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.
World Finance is 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.
About URC
United Real Estate Company (URC) is one of the MENA region's leading real estate developers, with total assets of KD 503.4 million (US$ 1.75 Billion) as of September 30, 2014. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984.
URC primarily operates in the Middle East and North Africa (MENA) region through a number of operational subsidiaries and investments arms. The company's portfolio includes retail complexes, hotels, resorts, residential buildings, high rise office buildings, as well as mixed use developments. Operational assets include, KIPCO Tower, Marina Hotel and Marina Mall in Kuwait as well as Salalah Gardens Mall & Residences in Oman. Regionally, URC is developing Abdali Mall in Jordan, Raouche View at 1090 in Lebanon, Aswar Residences in Egypt, Junoot Resort in Oman and Assoufid in Morocco.
URC's majority shareholder is KIPCO Group is one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as at 30 September, 2014. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group's main business sectors are financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.
Further Information
Rasha Slaton
Communications Executive
United Real Estate Company
rasha@urc.com.kw
T +965 22953500 ext. 3673
© Press Release 2015
