Kuwaiti developer URC signs with Ahmadiah Contracting for the Commercial District development at Hessah AlMubarak
United Real Estate Company K.S.C.P (URC), a leading real estate developer in Kuwait and the MENA region, today announced its associate, Mena Homes Real Estate Company K.S.C.C., awarded the construction and maintenance of the Commercial District within the “Hessah” Project at Hessah AlMubarak District to Ahmadiah Contracting and Trading Company in an agreement valued at KD42.596mn (USD 139mn).
The agreement was signed between Mr. Mazen Issam Hawwa, URC’s Vice Chairman and Group Chief Executive Officer, and Mr. Ayad Abdul Mohsen Al Thuwainy, Vice Chairman of Ahmadiah Contracting and Trading Company. The signing took place in a ceremony held at URC’s project sales center in Hessah AlMubarak District and attended by the executive management of both companies.
Speaking of the milestone, Hawwa said: “We are very pleased to be partnering with Ahmadiah, a leader in construction and contracting in Kuwait, to build the state-of-the-art commercial component of the Hessah “Project” within the world-class urban district, Hessah AlMubarak, a bustling epicenter for modern living in Kuwait.
“URC is proud to develop this all-inclusive and mixed-use commercial hub by 2023. The Commercial District completes the overall “Hessah” Project, which comprises residential and commercial components at a total investment value of KD250 million. The project witnessed significant demand for its residential components since the start of the development, selling 59% of units in Hessah Towers and 25% of units in Byout Hessah, and has recently received prestigious international awards.
“The ground-breaking of the Commercial District marks a new milestone in URC’s track record of achievements in developing future-ready projects that meet our customers’ aspirations and those who wish to invest in a new destination that attracts various businesses, retail, and leisure brands.”
Hawwa extended gratitude to the Kuwait Municipality, headed by its Director General, as well as its departments for facilitating the permission and approval processes for this milestone development.
On his part, Vice Chairman of Ahmadiah Contracting and Trading Company (the main works contractor), Mr. Ayad Abdul Mohsen Al Thuwainy, said: “The Commercial District is one of the largest investments in Kuwait with its prime location in Hessah AlMubarak at the heart of Kuwait City. It overlooks the Arabian Gulf and is part of a mixed-use community that comprises residential towers, apartment hotels, offices, medical clinics, health clubs, commercial spaces, retail facilities, in addition to restaurants and cafes.
“We thank URC’s Board of Directors and its associate, Mena Homes Real Estate Company, for placing their trust in Ahmadiah Contracting and Trading Company and awarding us the construction of such an important project as this is not be the first time our company partners with URC.
“With its long-standing experience, capabilities, and qualified team of engineers, Ahmadiah will be building the Commercial District by following the best international practices for quality for such a significant destination and in line with URC Board of Director’s vision. We look forward to this project to benefit the community and our beloved country, Kuwait.”
On another hand, URC Chief Development Officer, Arch. Mishary Al Muhailan, said: “The Commercial District is aesthetically characterized by its multi-level buildings situated on multi-story car park podiums, enriched with green facades and vegetated courtyards, overlooking a pedestrian-friendly landscape which connects to the retail hub, all designed to embrace a sustainable environmental approach to Kuwait’s climate nature. This project reflects the collective vision and the collaborative efforts of our team, in support of international and local consultants, to match the lifestyle aspirations of residents and commuters.’’
Conceptualized by Nikken Sekkei, a world-renowned architecture, engineering, and planning firm headquartered in Japan, and in collaboration with PACE, a leading Kuwait-based multidisciplinary consultant, the Commercial District is designed to embrace convenience and nature, characterized by a beautiful, pedestrian-friendly landscape equipped with modern walkways, open parks, green spaces, and public plazas.
The Commercial District covers a total built-up area of 145,250 square meters, of which 46,689 square meters will be leasable and sellable, comprises commercial offices, medical clinics, serviced apartments, retail stores, food and beverage outlets, and an integrated community center with a supermarket, fast food and café outlets, consumer stores, and service shops.
URC is the main developer of The Commercial District, owned by its associate, Mena Homes Real Estate Company K.S.C.C.
About Hessah AlMubarak District
Developed by United Real Estate Company (URC), Hessah AlMubarak District comprises three components that are the Hessah Towers, luxury high-rises soaring to 40 storeys, the mid-rise Byout Hessah residential community, and the Commercial District.
Hessah AlMubarak District is the first-ever comprehensive, mixed-use district in Kuwait, spearheaded by Kuwait Projects Company (Holding) – KIPCO, one of the largest holding companies in the Middle East and North Africa. URC is a KIPCO subsidiary and the holding company’s real estate arm.
Hessah AlMubarak District boasts a unique location overlooking the Arabian Gulf, within proximity of Kuwait’s downtown business hub. It includes dedicated spaces for public services and amenities such as open parks, green spaces, public plazas, parking areas, and utilities.
This urban cluster combines leisure, shopping, offices and living areas, which comprise residential buildings, serviced apartments, offices, clinics, health clubs, commercial activities, and retail as well as food and beverage offerings. Once complete, the total leasable built-up area of the development will be 381,000 square meters.