Project includes 40 residential buildings and infrastructure works
KUWAIT: United Building Company K.S.C.C (UBC), a subsidiary of United Real Estate Company K.S.C.P (URC), one of the leading real estate development company in the Middle East and North Africa, has announced signing a contract for KD75 million for the construction, completion and maintenance of 40 residential buildings (720 apartments) and infrastructure works for the investment suburb of Sabah Al-Ahmed City.
The contract signing announcement was held at the Public Authority for Housing Welfare (PAHW) on Sunday 11th November 2018 and attended by Minister of State for Housing Affairs and Minister of State for Services Dr Janan Bushehri, the Director General of Public Authority for Housing Welfare Eng. Bader Ahmed Al-Waqayan, and the Chief Executive Officer of United Building Company (UBC) Eng. Mohammad Salem Al-Wetayan alongside the senior officials in relevance to the announced contract project.
The forty residential buildings stand at different heights ranging between six, seven and eight floors to be located over plot areas ranging from 1,000 to 3,000 square meters to accommodate 720 apartment units. The contract timeline is scheduled for completion within (30) months.
Commenting on this announcement, Eng Mohammad Salem Al-Wetayan, CEO of United Building Company (UBC) said “The total value of our completed projects to date is approximately KD 235 Million. As part of our Company strategy is to expand UBC contracting activities and operations in line with Kuwait’s Vision 2035 towards a prosperous and sustainable future.”
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 ($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 $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.