United Real Estate Company K.S.C.P (URC), a leading real estate developer and investor in Kuwait and the MENA region, announced that it has been awarded Kuwait’s “Most Innovative Community Developer” in December 2021 by the International Finance Awards, part of the UK-based premium business and finance magazine, International Finance. Recognizing industry leaders, the award highlight URC’s accomplishments in designing and developing sustainable projects, where the Company is leading the way in building integrated communities for the first time.
Speaking of the award, URC Vice Chairman and Group Chief Executive Officer, Mr. Mazen Issam Hawwa said, “We are very humbled to be recognized for our endeavors as a developer with a forward-looking approach to designing and building projects that deliver sustainability, quality, community and connections. How individuals view living and leisure has changed. They seek spaces that offer them a sense of integration between community living, nature and entertainment.
“This is where URC’s long-term strategy comes to light. We have embarked years ago on a mission to design sustainable developments that deliver unique living, work and lifestyle experiences. This is reflected in many of our operating developments and more particularly in our developing projects such as the Hessah district at Hessah AlMubarak project in Kuwait and the Assoufid project in Morrocco.”
Mr. Hawwa concluded: “This award is owed to every member of URC team. I take this opportunity to thank each one of them. Their efforts, sense of responsibility and determination are the reason our Company continues to draw new milestones, innovating every day and working together through the challenging times.”
Developing for the Future
URC is presently developing the Hessah district, a mixed-use urban cluster that combines high-end residential spaces in Hessah Towers and Byout Hessah, as well as a state-of-the-art Commercial District for leisure, shopping and offices with total leasable built-up area of 46,689 square meters. Upon completion, the project will be the first integrated community that offers a new living experience in Kuwait.
In Morrocco, URC advanced in the development of the residential and hospitality components of the Assoufid project, a golf resort, five-star hotel, and premium residences.
In addition to these high-profile developments, 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, as well as Hilton Cairo Heliopolis & Waldorf Astoria Hotels, and Aswar Residences in Egypt.
United Real Estate Company. K.S.C.P (URC) is one of the leading real estate developers 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), a holding company that focuses on investments in the Middle East and North Africa. It’s strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for over 30 years. KIPCO’s main business sectors are financial services, media, real estate, and industry. KIPCO’s financial service interests include holdings in commercial banks, insurance companies, asset management, and investment banking.
Nasser Al Qallaf
Vice President – Marketing & Corporate Communications
United Real Estate Company
T (+965) 2295 3674
F (+965) 2244 1003