United Real Estates Approves the Asset Valuation Report and Independent Investor’s Fairness Opinion Report

Jul 28 , 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, has announced that its Board of Directors approved the asset valuation report and the independent investment advisor’s fairness opinion report related to the merger of Al Dhiyafa Holding Company (DHC) and United Towers Holding Company (UTHC) with URC.

Earlier in March 2022, URC had announced its intention to merge with Al Dhiyafa Holding Company (DHC) and United Towers Holding Company (UTHC) through a signed Memorandum of Understanding (MoU), in which URC is the merging entity while both companies become the merged entities.

The fairness opinion report includes the share swap ratio that Al Dhiyafa Holding Company (DHC) and United Towers Holding Company (UTHC) shareholders will receive equity shares in United Real Estate Company K.S.C.P as a result of the merger. The completion of the merger is subject to the approvals from the Capital Markets Authority, the Ministry of Commerce and Industry, the Kuwait Competition Protection Authority as well as the shareholders through convening Extraordinary General Assembly meetings for the companies.

Commenting on this announcement, Mr. Mazen Issam Hawwa, URC Vice Chairman and Group Chief Executive Officer, said: “We are looking forward to having this transaction completed successfully since this merging process will expand and diversify URC’s portfolio of assets, along with enhancing value for the shareholders of all companies. The next step of this process is submitting the merger documents to the relevant regulatory authorities for the necessary approvals.”

Established in 2005, Al Dhiyafa Holding Company K.S.C.C (DHC) is owned by United Real Estate Company K.S.C.P (URC) at an 81% stake, and manages several subsidiaries geographically spread across Lebanon and Egypt. The Company's portfolio of assets and businesses includes Safir Bhamdoun Hotel and Raouche View 1090 in Lebanon and investment in hospitality and land assets in Egypt.

Further, established in 2006, United Towers Holding Company K.S.C.C (UTHC) is an associate of United Real Estate Company K.S.C.P (URC) owned at a 40% stake, with a core business focus on real estate investment and development activities. UTHC’s property portfolio includes Al Shaheed Tower, City Tower, KIPCO Tower, and its car parking all located in Kuwait’s business district, Sharq, and Marina Plaza in Salmiya.

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 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.

Contact Info

Nasser Al Qallaf

Vice President – Marketing & Corporate Communications
United Real Estate Company

T (+965) 2295 3674

F (+965) 2244 1003