United Real Estate Company (URC), developer of Kuwait’s Marina Mall, has announced net profits of 3.750 million Kuwaiti dinars ($12.375 million), or 7.47 fils per share ($24.65 cents per share) during the first six months of 2003, an increase of 114 percent over the same period last year, when net profits were KD1.750 million ($5.775 million), or 3.78 fils per share ($12.47 cents per share).
“This significant growth figure is a result of our success in increasing rent earnings by 94 percent in the first six months of 2003 compared with the same period last year, due to the opening of Marina Mall as well as high occupancy rates in the company’s other properties,” said URC Managing Director Omran Hayat.
URC’s flagship Marina Mall shopping complex is the first phase of its KD45 million ($148 million) Marina waterfront retail and leisure project. The massive development is expected to continue contributing to increasing rent revenues for URC, part of the KIPCO Group—Kuwait Projects (Holding) Comaony—as further phases are completed.
URC also cited operational and management efforts as contributing to the success of its first half results, with high operating levels in all its properties coupled with significant reduction in overheads.
The Marina Project’s forthcoming phases include Marina Crescent, directly overlooking the Marina Yacht Club and connected with a unique panoramic bridge, expected to be opened later this year. Offshore facilities of the project comprise a luxury hotel, health club, sea sport center, boat maintenance and service center and a multi-purpose hall, in addition to many recreational and amusement facilities along the coast.
URC’s future projects include a shopping center complex in Al-Sharq area with office towers and business centers, in addition to shopping areas and a multi-story car park. In addition, the company is currently seeking to build a large hotel on a strategic site in Beirut, Lebanon. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
