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+9651805225 info@urc.com.kw

United Real Estate Company K.S.C.P (URC), one of the leading real estate developers in the MENA region, has announced a full acquisition of Abdali Mall by 100% ownership under its regional subsidiary, United Real Estate Company – Jordan. The Abdali Mall full acquisition transaction included a transfer of ownership with all associated obligations before the official Jordanian authorities to become a (100%) full ownership by United Real Estate Company – Jordan.

The acquisition deal included an exchange of assets between United Real Estate Company – Jordan and Abdali Investment and Development Company, in which United Real Estate Company – Jordan has swapped its (40%) stake in Abdali Boulevard Company against full acquisition of Abdali Mall.

Commenting on this announcement, Mr. Ahmad Kasem, URC’s Acting Chief Executive Officer said: “The Abdali Mall full acquisition deal is amongst URC’s planned strategies in leveraging our MENA region investment portfolio towards a diversified sustainable growth, enhancement of operational profit and higher return on investment for our shareholders.”

Mr. Augostino Sfeir, Chief Investment Officer, added: “The Abdali Mall acquisition is part of URC’s strategy in balancing its sources of income and structuring a diversified portfolio of businesses and assets towards increased profitability measures in line with the economic and investment environment in the targeted countries.”

Opened to the public in 2016, Abdali Mall is a fully integrated shopping mall spanning over 227,000 square meters in Amman, Jordan. The development includes a total leasable area of over 55,000 square meters and embraces a new design of merged indoor and outdoor retail spaces to provide a complete integrated retail experience through its diverse tenant mix of international brands, dining and entertainment options, advanced cinema complex and a unique open-air food court. Abdali Mall also includes innovative sustainability design features such as water and energy conservation, natural lighting, sustainable air-conditioning systems and an intelligent parking system.

Abdali Mall was recognized for its excellence by the Cityscape Global 2016, winning ‘Best Retail Project’ for Emerging Markets in the Retail Project (Built) category.

About URC

United Real Estate Co. K.S.C.P (URC) is one of the Middle East and North Africa’s leading real estate developers, with consolidated assets of KD 622 million (US$ 2 Billion as of 30 September 2018). 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. The company’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, facility management, and project management through its several subsidiaries. The company’s portfolio of assets and businesses are geographically spread across a number of countries through several assets 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, 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$ 32.7 billion as at 30 June 2018. 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 

Mohammed Al Tawwash

Assistant Vice President – Corporate Communications & Client Relations

United Real Estate Company

m.altawwash@urc.com.kw

T (+965) 2295 3500 Ext. 3672

F (+965) 22441003