United Real Estate Company (URC), one of the MENA region's leading real estate developers, has officially opened its latest commercial and hospitality development in Oman, Salalah Gardens Mall and Salalah Gardens Residences in the subtropical city of Salalah. The project was inaugurated by Sayyid Mohammed bin Sultan Al Busaidi, Minister of State and Governor of Dhofar, along with the Minister of Tourism, H.E. Ahmed bin Nasser bin Hamad Al Mahrizi, and Tariq Mohammed AbdulSalam, Chairman of URC. Also accompanying the Omani officials and URC Chairman were URC's CEO Mohammed Ahmed Al Saqqaf, URC Board of Directors and the URC Executive Management Team and other dignitaries. URC's first project in Oman, Salalah Gardens Mall, was awarded “Best Retail Project — Middle East” in the mid-cap category from the 2013 World Finance Construction Awards and “Best Retail Development” for Oman during the 2013 Arabian & African Property Awards . Salalah Gardens Mall is the first and only mall in Salalah, featuring a wide variety of shopping, dining and entertainment activities. Connected directly to the mall, Salalah Gardens Residences is the hospitality component of the development comprising of 168 keys operated by Safir International Hotel Management Company, a subsidiary of Kuwait Hotels Company. Commenting on the grand opening, AbdulSalam welcomed the Omani government representatives as well as dignitaries and said: “Our prime objective in developing Salalah Gardens Mall was to create components that complement each other to offer an unprecedented experience which combines entertainment and shopping activities, and a comfortable hotel experience.” “Kuwait has a very distinguished relationship with Sultanate of Oman and we are here jointly today to inaugurate this project. We would like to extend our gratitude and appreciation to the Omani authorities and government entities for their continuous efforts in supporting foreign investments in Oman. Under the guidance of Sultan Qaboos Bin Said, the country has created an attractive investment landscape, which is a key element in attracting strategic investments in Oman.” AbdulSalam thanked the URC team for leading the development of this project to a successful operational phase. Salalah Gardens Mall will debut popular brands in the Governorate of Dhofar including Carrefour, City Cinema, Red Tag, McDonald's, Fun Station, Nestle Toll House, The Body Shop in addition to a selection of local, regional, and international brands. The mall is Salalah's largest mixed-use development with a built up area of 86,074 sq. meters which includes 30,000 sq. meters of retail leasable space, a traditional old souq, Salalah's first three-screen multiplex cinema and parking facilities for over 1,300 vehicles. Founded in 1973 in Kuwait, today URC is one of the MENA Region's leading real estate development companies with total assets of $1.6 billion. The company has investments spanning commercial complexes, hotels, resorts, residential buildings, high-rise office buildings as well as mixed-use developments. URC's notable operational projects in Kuwait include KIPCO Tower, Marina Mall and Marina Hotel in addition to Saleh Shehab resort. The company continues to expand regionally with the development of their regional projects including Abdali Mall in Jordan, Aswar Residences in Egypt, Junoot in Oman and Raouche View at 1090 in Lebanon. Headquartered in Kuwait, URC was founded in 1973 and is a publically traded company listed on the Kuwaiti Stock Exchange. URC primarily operates in the MENA Region through a number of fully owned subsidiaries. The company's real estate portfolio includes commercial complexes, hotels, resorts, residential buildings, high-rise office buildings as well as mixed-use developments. The company's operations are driven by a vision to deliver world class developments that contribute to the built environment though a culture which embraces a team-based approach fosters communication and builds lasting stakeholder relationships. URC's majority shareholder is Kuwait Projects Company (KIPCO), one of the largest and most diversified holding companies in the MENA Region with consolidated assets of $27 billion as of June 30, 2013. KIPCO has substantial ownership interests in over 60 companies operating across 26 countries, including interests in the real estate, manufacturing, education and management advisory services. — SG
