Waterfront Real Estate Project - Phase 3 (Souq Sharq)

awarded

United Real Estate Company (URC) secured Islamic banking finance for the construction and development of the Waterfront Real Estate Project - Phase 3, located in the Sharq Area of Kuwait City. The project involves upgrading, development, repair, major rehabilitation, management, operation, and periodic maintenance of the waterfront market (souq). It is implemented under a 15-year Build-Operate-Transfer (BOT) usufruct arrangement with an additional one-year grace period for design and refurbishment works. The project features a superyacht marina, new retail experience, refined fish market, and dedicated nautical area, spanning approximately 74,685 sqm with a 2.7 km shoreline and 35,000 sqm leasable area.