Kuwait City: – United Real Estate Company K.S.C.P (URC), a leading real estate developer and investor in Kuwait and the MENA region, announced its financial results for the first quarter ended 31 March 2022.

The Company reported a 41.64% increase in net profits reaching KD 1.60 million for the first quarter of 2022, compared to KD 1.13 million for the same period in 2021. Operating profits increased by 7.05%, reaching KD 3.51 million for the quarter compared to KD 3.28 million reported in the first quarter of 2021.

Commenting on the results, URC Vice Chairman and Group Chief Executive Officer, Mr. Mazen Issam Hawwa, said, “The Company’s net profit saw an increase during the first quarter of this year driven by renormalization and ease in pandemic restrictions, thereby, increased revenues from shopping centers rentals, hospitality sector, real estate services.”

"URC continues developing communities through various real estate properties in hospitality, commercial and residences which embraces a customer-centricity approach coupled with trending aspirations.” Hawwa concluded.

Demand for “Hessah District” residences increased by desired homeowners seeking luxury high-rise living with unobstructed seaside and city views. With expected completion by Q4 2022, Hessah Towers has reached 71% in total sold units, while Byout Hessah has reached 52% with expected completion in 2023.

Furthermore, the occupancy rate of the residential units at "Raouche View 1090" in Lebanon exceeded 80% due to its latest leasing agreement.

-Ends-

About URC

United Real Estate Company. K.S.C.P (URC) is one of the leading real estate developers in Kuwait and the MENA region, with consolidated assets of KD 596 million (US$ 1.95 Billion) as of 31 March 2022. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984.

URC primarily operates through a number of operating subsidiaries and investment arms across the MENA region. URC's core business is real estate development and operations and enjoys a diversified portfolio of assets that include retail complexes, hotels, residential properties, and high-rise office buildings.

URC’s operations extend to construction and contracting services, facility management, and project management through its several subsidiaries. URC's portfolio of assets is geographically spread throughout the MENA region and includes Marina World, Marina Hotel, and KIPCO Tower in Kuwait, Salalah Gardens Mall & Residences in Oman, Abdali Mall in Jordan, Raouche View 1090 in Lebanon, Hilton Cairo Heliopolis & Waldorf Astoria Hotels, and Aswar Residences in Egypt, and Assoufid development including a golf resort, five-star hotel, and premium residences in Morocco.

URC is the real estate arm of its majority shareholder, Kuwait Projects Company – Holding (KIPCO Group), a holding company that focuses on investments in the Middle East and North Africa. It’s strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for over 30 years. KIPCO’s main business sectors are financial services, media, real estate, and industry. KIPCO’s financial service interests include holdings in commercial banks, insurance companies, asset management, and investment banking.

Further Information
Nasser Al Qallaf
Vice President – Marketing & Corporate Communications
United Real Estate Company
F (+965) 2244 1003
n.alqallaf@urc.com.kw