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Kuwait City - United Real Estate Company K.S.C.P (URC), a leading real estate developer in Kuwait and the MENA region, in collaboration with Alternative Energy Projects Company (AEPCo) – a member of the KIPCO Group – announced today that it has successfully completed and started operating Abdali Mall’s solar power plant in Amman, Jordan.
As part of the mall’s long-term sustainability program, AEPCo worked closely with Abdali Mall’s team to kick off the project in late 2018. The solar power plant aims to optimize and decarbonize the electrical energy consumption at the mall to reduce its operational cost, improve its carbon footprint, and increase its sustainability metrics.
The project’s initial phase involved the optimization of electricity consumption at the mall and its facilities. As a result, the combined capacity installed for the mall reached 2500 kWp, to cover most of its energy requirements for the next 20 years.
Commenting on this milestone, URC Vice Chairman and Group Chief Executive Officer, Mr. Mazen Issam Hawwa said, “The Company is proud to have been part of bringing Abdali Mall’s solar panel plant to full operation. The initiative was driven by URC’s human-centered approach which invests in efforts that mitigate climate change through zero-carbon renewable energy and help build a better sustainable future for Abdali Mall patrons and the community at large.”
On his part, AEPCo’s Chief Executive Officer, Dr. Hassan Qasem, said: “AEPCo is committed to deliver clean and sustainable energy to its clients. Our team’s commitment and proficient management minimized the impact of execution during the COVID-19 pandemic lock down. The shift to a green economy and the integration of renewables is an important transaction that the world is heading towards. We foresee many other sectors moving to decarbonize their footprint and improve their operational costs by applying energy conservation and solar energy systems. This is where we add value through our experienced technical and financial teams.”
URC Jordan Chief Executive Officer, Eng. Abdelmajid Al Kabariti, said: "Abdali Mall has been involved in environment sustainability programs since its construction, whether in its smart car parking system which reduces emissions, or cost-saving features such as open-air spaces and the sunroof allowing natural daylight. Through the collaboration with AEPCo on the solar power plant, Abdali Mall will be achieving a cost reduction in energy of over 40% annually. We are pleased to have partnered with the best in this field and look forward to work on future projects for URC Jordan”.
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About URC
United Real Estate Company. K.S.C.P (URC) is one of the leading real estate developers and investor in Kuwait and the MENA region, with consolidated assets of KD 612.2 million (US$ 2 Billion) as of 30 September 2021. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984.
URC primarily operates through several 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 such as 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), one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 33.5 billion as of 30 September 2021. 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
Nasser Al Qallaf
Vice President – Marketing & Corporate Communications
United Real Estate Company (URC)
T (+965) 2295 3674
F (+965) 2244 1003
n.alqallaf@urc.com.kw
About Alternative Energy Projects Co
Alternative Energy Projects Co. (AEPCo) is a Kuwait-based company specialized in renewable energy. AEPCo has been developing renewable energy projects since 2016 and has a track record of about 550 MW around the MENA region. AEPCo is a fully owned subsidiary of Kuwait Projects Company (Holding) (KIPCO Group). KIPCO’s operations extend across the Middle East and North African region. With holdings in sectors such as financial services, media, manufacturing, and real estate, KIPCO Group comprises over 60+ companies and employs over 16,000 people in 24 countries. AEPCo. is specialized in renewable energy systems and provides consultative services on energy conservation, thus providing innovative solutions to its customers.
About Abdali Mall (AMC)
Immersed in the heart of Amman in a spectacularly 227,000 square meters of modern and refined architectural space, Abdali Mall is Jordan’s upscale retail and entertainment hub and the first of its kind to utilize eco-friendly technologies, designed with open-air features, allowing for natural air-flow circulation and the warmth of sun rays.
Abdali Mall is considered Jordan’s most unique retail and entertainment hub; a thriving, dynamic space where the essence of hospitality, technology, and architecture come together to ensure each visit to Abdali Mall is a memorable experience, like no other, sustainable district cooling for air-conditioning, and an intelligent parking system.
© Press Release 2021
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