United Real Estate Company K.S.C.P (URC) announced that the Board of Directors approved the asset valuation report and the Independent Investment Advisor’s report regarding the fairness of the valuation related to merging with Al-Dhiyafa Holding Company (DHC) and United Towers Holding Company (UTHC).

Earlier in March 2022, URC announced that it had reached a preliminary agreement with Al-Dhiyafa and United Towers through a signed Memorandum of Understanding (MoU), in which URC is the merging entity while both companies become the merged entities.

The investment advisor's opinion report indicates the returns that shareholders of Al-Dhiyafa Holding Company and United Towers Holding Company will receive as shares in URC as a result of the merger.

The merger process will be in accordance with Kuwaiti laws and regulations after obtaining the necessary approvals from the regulatory authorities: the Capital Markets Authority, the Ministry of Commerce and Industry and the Competition Protection Authority, alongside the shareholders’ approval of the entities through their extraordinary general meetings.

Commenting on this announcement, URC Vice Chairman and Group Chief Executive Officer, Mr. Mazen Hawwa said, “We look forward to finalizing this deal, that presents numerous positive opportunities. Through this merger, we seek to expand URC’s portfolio, diversify its assets, and create added value to the shareholders of all 3 parties involved in this deal.

"Now that the report was approved by the Board of Directors, we look forward to moving to the next step, and submit the merger application to the regulatory authorities to obtain the necessary approvals," Hawa said.
Established in 2005, Al-Dhiyafa Holding Company is owned by United Real Estate Company (K.S.C.P.) which holds a stake of 81%. The Company manages several subsidiaries geographically spread across Lebanon and Egypt.

The Company's portfolio of assets and businesses includes a number of various real estate projects, including hotels, a plot of land and a project under development in Egypt, as well as Safir Bhamdoun  Hotel and Raouche View 1090 in Lebanon.

United Towers Holding Company K.S.C.C (UTHC) was established in 2006. An associate of United Real Estate Company (K.S.C.P.) which holds a stake of 40% in the Company.

The Company’s core business is focused on real estate investments and development activities. UTHC’s property portfolio includes KIPCO Tower, Al Shaheed Tower, and City Tower, in addition to a multi-story car park facility all located in Kuwait’s business district, and Marina Plaza in Salmiya.