United Real Estate Company (URC) has secured 38 million Kuwaiti dinars ($122.82 million) in Islamic banking finance for the construction and development of Waterfront Real Estate Project - Phase 3 [Souq Sharq], located in the Sharq Area of capital Kuwait City.

The real estate public-private partnership (PPP) project was awarded to URC by Kuwait Authority for Partnership Projects (KAPP) in February 2026.

The developer said it obtained KWD 25 million in non-cash facilities for 17 years and a KWD 13 million cash facility for 10 years from a local bank, according to a statement published on Boursa Kuwait.

The statement did not include the bank’s name.

Last week, URC’s wholly owned project-dedicated subsidiary, United Marasi Company for Lands and Real Estate Development, signed an agreement with the Department of State Properties at the Finance Ministry for the project.

The contract covers upgrading, development, repair, major rehabilitation, management, operation and periodic maintenance of the waterfront market (souq), the company said.
 
The project will be implemented under a 15-year Build-Operate-Transfer (BOT) usufruct arrangement with an additional one-year grace period allocated for design and refurbishment works.

The waterfront project was tendered alongside the Al Muthanna Complex Real Estate Project, which KAPP awarded to a consortium led by Real Estate House.

Originally established in 1998, Souq Sharq waterfront destination spans approximately 74,685 square metres (sqm) with a 2.7 km shoreline and total leasable area of 35,000 sqm. It features a superyacht marina, new retail experience, refined fish market, and dedicated nautical area.

The project is scheduled for completion by end-2027, according to URC's first quarter 2026 investor presentation.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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