United Real Estate Company (URC) Vice Chairman and Group Chief Executive Officer, Mr. Mazen Issam Hawwa said, “URC’s bid to merge with Al Dhiyafa Holding Company (DHC) and United Towers Holding Company (UTHC) enhances its portfolio of income-generating assets and creates an added value, in addition to increasing equity through issuance of new shares.”

In a press release issued by the Company, Mr. Hawwa said that the merger will streamline operational performance in line with the Group’s strategic vision and future goals. The merger also increases the competitive financial landscape and creates new investment opportunities for shareholders of the merged entities through URC’s (the merging Company) extensive track record of real estate developments and investments.”

Meanwhile, Al Dhiyafa Holding Company (DHC) Chairman, Sheikh Khalifa Abdullah Al-Jaber Al-Sabah said, “We seize opportunities by integrating with URC to expand its investment’s scope and diversification.”

United Towers Holding Company (UTHC) Chairman and Chief Executive Officer, Mr. Ahmed Saud Al-Sumait said, “The merging entity will benefit from a well-balanced and diversified portfolio of assets and provides shareholders of the merged entities with trading liquidity.”

Among DHC’s most prominent assets are "Raouche View 1090 - Lebanon" project, the Hilton Cairo Heliopolis Hotel, the Waldorf Astoria Cairo Hotel, and the Safir Bhamdoun Hotel – Lebanon.

Established in 2006, United Towers Holding Company (UTHC) has a core business focus on real estate investment and development activities. UTHC’s property portfolio includes KIPCO Tower, Al Shaheed Tower and City Tower, all located in Kuwait’s business district, Sharq, and Marina Plaza in Salmiya. The Company’s capital is KWD 45 million.

Last week, URC announced reaching a preliminary merger agreement with Al DHC and UTHC through a signed Memorandum of Understanding (MoU).