ABOUT THE SHAREHOLDERS
North Africa Holding Company:
North Africa Holding Company (NorAH), is the owner of the Assoufid development. The Kuwait-based investment company was established in September 2006, with the aim of capitalizing on the significant investment opportunities arising within the North African economies. With a capital base of KD 50 million, NorAH is one of the largest pan-regional investment companies and is driven by a clearly defined vision and investment strategy. NorAH aims to contribute to the sustainable development of North African economies by partnering with local companies. Moreover, it seeks to acquire significant stakes in companies with superior management teams, and firmly believes in partnering with its investee companies in driving their transformation into premier regional and global players. NorAH has a strong relationship with its shareholders, including Kuwait Projects Company (KIPCO), one of the most prestigious and diverse holding companies in the GCC region, which is additionally a major shareholder in URC.
ABOUT THE DEVELOPER
United Real Estate Company:
United Real Estate Company (URC), is the developer and project consultant of Assoufid. URC is one of the MENA region’s leading real estate developers, with total assets of US$ 1.74 Billion as of March 31, 2014. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984. URC primarily operates in the Middle East and North Africa (MENA) region through a number of operational subsidiaries and investments arms. The company’s portfolio includes retail complexes, hotels, resorts, residential buildings, high rise office buildings, as well as mixed use developments. URC’s majority shareholder is Kuwait Projects Company (KIPCO), one of the largest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as of 31 March, 2014. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group’s main business sectors include financial services, media, real estate and manufacturing.