Kuwait: National Real Estate Company (NREC) held its Annual Ordinary General Assembly Meeting (AGM) today for the financial year ended 31 December 2024, with a quorum of 69.3%. The meeting was conducted electronically.

The Company’s shareholders approved all agenda items, including the Board’s recommendation to distribute 5% bonus shares, equivalent to 5 shares for every 100 shares held. Shareholders registered in the Company’s shareholder records on the settlement date of 25 June 2025 will be entitled to these bonus shares, with the distribution date set for 6 July 2025.

The AGM also elected a new Board of Directors for the next three-year term, which includes:

Name

Classification

Mr. Hassan Bassam Al-Houry

Independent

Mr. Faisal Jamil Sultan Al Essa

Executive

Mr. Bader Abdulmohsen El Jeaan

Non-Executive

Agility Investment Holding Limited, represented by Mr. Mohamed Hamad Abdulaziz Al Mutawaa

Non-Executive

The Sultan Center Food Products Co., represented by Mr. Tarek Abdul-Aziz Sultan Al Essa

Non-Executive

Mr. Christopher Michael Gordon

Independent

Financial and Operational Performance Overview

In 2024, NREC recorded a net profit of KD 9.3 million and earnings per share of 4.91 fils, compared to a net loss of KD 35.2 million in 2023. Operating revenue stood at KD 5.8 million, down from KD 12.4 million the previous year. Total assets increased to KD 574 million, while shareholders’ equity rose to KD 374 million.

Operationally, the Company’s key projects in Jordan and Libya continued to show resilience despite regional geopolitical challenges. South Aqaba Investment Park in Jordan maintained full occupancy across its warehouses and industrial buildings, while Palm City Residences in Libya improved occupancy to 61% by year-end, up from 58% in 2023.

Strategic Focus and Value-Driven Investments

NREC Vice Chairman and CEO Faisal Jamil Sultan Al-Essa reaffirmed the Company’s commitment to enhancing shareholder value through a focused strategy. This includes the divestment of non-core assets, exploration of new investment opportunities in local and regional markets, and restructuring initiatives to support sustainable long-term growth.

Sultan also emphasized the strategic importance of NREC’s 22.3% stake in Agility Public Warehousing, highlighting confidence in its global leadership in supply chain innovation. In addition, NREC maintains investments in Agility Global, both directly and through Agility Public Warehousing. Agility Global manages a portfolio of prominent entities that includes Menzies Aviation, Tristar, and Agility Logistics Parks.

Key Projects Milestones

By the end of 2024, NREC marked major progress across its key projects. Reem Mall in Abu Dhabi officially opened in May, with over 197 retail units operational by year-end, highlighting strong leasing momentum. The $1.3 billion destination, co-invested by NREC, features more than 400 stores, 80 F&B outlets, and Snow Abu Dhabi, positioning it as a premier retail and leisure hub.

Meanwhile, in Egypt, NREC’s subsidiary KUWADICO had sold 83% of units in the Grand Heights project near Cairo as of year-end. The 3.8 million sqm development continued to progress steadily, offering a blend of residential, commercial, and recreational spaces designed to support a modern and sustainable community lifestyle.

Commitment to Sustainability

Sultan underscored NREC’s focus on sustainability and responsible business practices: “Sustainability is central to our operations and future growth. We are embedding responsible practices across our portfolio, with a focus on reducing environmental impact, fostering social inclusion, and upholding strong governance. Through our ESG initiatives, we aim to create lasting value for the communities we serve and support resilient, long-term growth for all stakeholders.”

Closing Note

Sultan concluded: “I would like to extend my sincere appreciation to our shareholders for their continued support of the Company’s strategic direction. I also wish to thank all our stakeholders for their continued trust and confidence in the Management team.”

About NREC

Established in 1973 and listed on Boursa Kuwait, National Real Estate Company (NREC) is a leading real estate investment, development, and property management firm based in the Middle East and North Africa. NREC’s portfolio includes a diverse mix of retail, commercial, and residential properties across the region.

For more information, please contact:
Mageda Abbas – m.abbas@nrec.com.kw