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Kuwait’s developer United Real Estate Company (UREC) has signed an agreement with the Red Sea state in Sudan for a tourism project in the province.
The two sides will establish a joint venture to manage the project in line with their agreement signed on Sunday, UREC said in a bourse statement on Monday.
“UREC has signed a strategic partnership agreement with the government of the Red Sea State to develop a mixed-use tourism project,” it said.
The statement said UREC would hold an 80 percent ownership in the new venture while 20 percent would be owned by the Red Sea State.
UREC has been expanding in the Middle East and North Africa over the past few years to take advantage of growing investment opportunities.
In June, UREC said it is planning to develop an island tourism complex in Oman through its subsidiary in the Sultanate. It said the firm has signed a contract for the 60,000 square kilometre (sq km) project on Masirah Island, Oman’s largest island in the Arabian Sea.
UREC said the complex comprises hotels as well as residential and commercial units and that its annual contract value is 12,000 Omani rials ($31,000) with a 50-year term.
(Reporting by Nadim Kawach; Editing by Anoop Menon)
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