Kuwaiti real estate firm cements position in Beirut market
The Kuwait-based United Real Estate Company (UREC) has signed two contracts with al-Hariri group in Lebanon, reported the Kuwaiti newspaper Al-Rai Al-Aam on October 2, 2005.
Through these two contracts UREC retained its control share in Al-Rosha Holding Company, which develops a 5-star hotel project of 270 rooms and suites, which is closed to the accomplishment stage, and entered into a partnership for construction of a huge commercial and housing project in Fardan area of Beirut.
It should be mentioned that Kuwaiti investments in Lebanon totaled until last year approximately $4 billion. The last Kuwaiti investment in Lebanon was announced last August by IFA Hotels and Resorts, a subsidiary of the Kuwaiti International Financial Advisors Company, which markets Al-Abadiyah Hills Resort.