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Kuwait's United Real Estate posts 122% increase in profit
- Kuwait: Wednesday, February 20 - 2013 at 06:29
Kuwaiti property developer United Real Estate Co (URC) has reported a 122% year-on-year surge in full-year net profit for 2012 to KD22.5m ($79.5m). The developer, in which Kuwait Projects Co (Kipco) is a majority shareholder, boasts major projects across the region including the Abdali Mall in Jordan, Salalah Gardens Mall in Oman and the Raouche View residential tower in Lebanon. "In addition to the company's projects under development, URC has a portfolio of operational assets, one of which is the Fairmont Hotel in Egypt," said the chief executive of URC, Mohammed Al-Saqqaf.
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