URC's 2004 half year profit from operations surges to KD 4.7 million

The company's net profit for the first half of 2004 was KD 4.0 million (US$ 13.6 million), or 8.64 fils (2.9 cents) per share, an 8 per cent increase compared to KD 3.7 million (US$ 12.6 million), or 8.11 fils (2.7 cents) per share earned in the first half of 2003.

URC's KD 54 million (US$ 184 million) Marina World coastline complex, incorporating the showpiece Marina Mall retail centre, recently launched its second phase which includes Marina Crescent, a seafront leisure and retail area with a 130-berth marina, restaurants and cafes, luxury shops and a world-class five-star hotel. The company will also soon embark on its new project in Kuwait - Kuwait Business City - a downtown mixed-use project with a 50 floor-plus tower.

Regionally, URC's portfolio includes involvement with Horizon Development, part of Lebanon's Hariri Group, in a joint project for a luxury Beirut hotel, shopping mall and apartment complex, and the opulent Sheraton Heliopolis resort hotel in Egypt with its new 250 room extension underway and scheduled for completion May 2006.

KIPCO, the largest private company in Kuwait with US$ 10 billion under management or control, has a portfolio of some 70 companies with major activities in financial services, media & telecommunications, management & advisory services, real estate and industry throughout the Middle East and North Africa.