KIPCO's United Real Estate in KD 73.5 million (USD250 million) Lebanon luxury property development deal

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.

"This is an exciting opportunity to participate in the growth of the Lebanese property market with two prestigious developments which are destined to become prominent landmarks in Beirut's infrastructure," said Omran Hayat, URC managing director. "By partnering with Horizon Development in these two projects we are now in a leading position to maximise on the strong business potential that exists in Lebanon."

URC is the developer of Kuwait's massive Marina Mall project, which has a prestige shopping mall and new waterfront retail and entertainment extension scheduled to open before the year-end. The company also owns the luxury Sheraton Heliopolios hotel in Egypt, currently being extended to create an opulent complex of more than 700 bedrooms and suites.

In the company's joint Lebanon development, the new five-star 300-bedroom hotel on Beirut's elegant corniche will be managed by a top international hotel chain, with an adjoining conference facility capable of handling more than 1,000 people. The shopping centre and apartment complex in the city's upscale Verdun residential district, will contain 50,000 sq. metres of shops available for lease to international and local brand retailers, and a development of exclusive serviced apartments.