URC exits Kuwait Hotels Company

Jun 26 , 2022


Kuwait City by URC | Press Release

United Real Estate Company K.S.C.P (URC), a leading real estate developer and investor in Kuwait and the MENA region, announced today that it has sold its shares in Kuwait Hotels Company (KHC), to a group clients of an unlisted investment company for 180 fils per share in deal valued KD 3.1 million earned approximately KD 1.2 million in profit.

Commenting on this agreement, Mr. Mazen Issam Hawwa, URC Vice Chairman and Group Chief Executive Officer, said: “This transaction goes in line with URC’s strategy towards shifting its focus to developing and investing in real estate projects, that will significantly enhance its position as a leading real estate developer in the markets in which it operates inside and outside Kuwait. This deal significantly realizes our shareholder’s value for URC’s investments in KHC.”

United Real Estate Company (URC) has consolidated assets of KD 600 million (US$ 1.96 Billion) as of 31 March 2022. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984. Further, the company enjoys a diversified portfolio of assets that include retail complexes, hotels, residential properties, and high-rise office buildings.

Kuwait Hotels Company K.S.C.P (KHC) was founded in 1962, with a core business focus on establishing first-class hospitality projects inside and outside Kuwait through affiliated companies specializing in hospitality and hotel management.

It is worth mentioning that Kuwait Hotels Company (KHC) continues managing and operating URC’s hotel subsidiaries which are Marina Hotel in Kuwait, Salalah Gardens Mall & Residences in Oman and Safir Bhamdoun Hotel in Lebanon.


About URC

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 600 million (US$ 1.96 Billion) as of 31 March 2022. 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. 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 and includes 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.

Contact Info

Nasser Al Qallaf

Vice President – Marketing & Corporate Communications
United Real Estate Company

T (+965) 2295 3674

F (+965) 2244 1003

n.alqallaf@urc.com.kw