19 February 2017

Kuwait - Kuwait’s leading diversified real estate development company, United Real Estate Company (URC), has announced the signing of an agreement between its subsidiary in the Kingdom of Jordan, URC-Jordan, and Al-Adnani Group, to launch a new signature health spa in its Abdali Mall, in Amman, Jordan.

The 929 square meter women only spa will operate under the seven star Gaia Cocoon Spa brand and be one of the Al Adnani Group’s largest in Jordan offering the only 7-star beauty center in Amman catering specifically to women’s health and beauty services including skin care, make-up, hair & body products and signature therapies designed with advanced technologies and run by an internationally certified team of professionals.

Mr. Ahmad Kasem, Deputy CEO of United Real Estate Company said, “We are very pleased to be partnering with a true market leader and innovator such as Al-Adnani Group.”

“URC’s long-term strategy has always been to have strategic partnerships in the countries that we operate in and this agreement is another commitment to the delivery of exceptional customer experiences in our Abdali Mall.

We strive to set a new benchmark in retail and dining for the local market, and the addition of a seven-star, signature spa will complement the integrated shopping experience.”  

Located in Amman’s inner city urban renewal hub ‘Abdali’, Abdali Mall is the first development of its kind in the country boasting an award-winning mix of over 111 tenancies including indoor-outdoor restaurants, open-air food courts, a multi-cinema complex and supermarket.

Abdali Mall was previously awarded ‘Best Retail Project Award (BUILT)’ in Emerging Markets category at Cityscape Global 2016 and Best Retail Project - Middle East in the Large-Cap category at the World Finance Construction Awards.

About URC
United Real Estate Company (URC) is one of the MENA region’s leading  real estate developers, with total assets of KD 571 million (US$ 1.9 Billion) as of 30 September 2016. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984. 

URC primarily operates in the Middle East and North Africa (MENA) region through a number of operational subsidiaries and investments arms.  The company’s portfolio includes retail complexes, hotels, resorts, residential buildings, high rise office buildings, as well as mixed use developments. Operational assets include KIPCO Tower, Marina Hotel and Marina Mall in Kuwait, as well as Salalah Gardens Mall & Residences in Oman. Regionally, URC’s assets include Abdali Mall in Jordan, Raouche View at 1090 in Lebanon, Aswar Residences in Egypt and Assoufid in Morocco.

URC’s majority shareholder is KIPCO Group, one of the biggest holding companies in the Middle East and North Africa, with consolidated assets of US$ 33 billion as at 30 September 2016. 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
Nora Zehery         
Assistant Vice President – Corporate Communications 
United Real Estate Company
n.zehery@urc.com.kw
T +965 2295 3500 Ext. 3672

Mimi Alexander
Senior Client Servicing Manager
TRACCS Kuwait
Mimi.alexander@traccs.net

© Press Release 2017