United Real Estate (URC) of Kuwait has joined forces with a Lebanese property developer to jointly invest 73.5 million Kuwaiti dinars ($250 million) in developing a luxury hotel and an upmarket shopping and residential complex in Beirut.
URC, a Kuwait Projects Company (KIPCO) company, is in partnership with Horizon Development of Lebanon, a real estate development company owned by the Hariri Group.
URC is the developer of Kuwait's Marina Mall project, which has a shopping mall and new waterfront retail and entertainment extension scheduled to open before the year’s-end.
KIPCO, with assets of more than $10 billion under management or control, is a diversified holding company in the Middle East and North Africa, and a regional force in financial services and media and technology, with further interests in real estate and industry. KIPCO employs more than 10,000 people internationally. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
