United Real Estate Company (URC) – Jordan, a subsidiary of United Real Estate Company (URC) – Kuwait, announced completing the process of buying Abdali Mall Company shares in Jordan.
URC – Jordan is finalising the procedures of ownership transfer and all related obligations with the official authorities. Whereby, Abdali Mall Company is now 100% owned by United Real Estate Company – Jordan.
This deal came as part of an asset exchange between URC – Jordan and Abdali for Investment & Development Company. Hence, URC has given up 40% of its stake in Abdali Boulevard Company, in return for the full acquisition of Abdali Mall Company.
In addition, Mr. Tariq Mohammed AbdulSalam, Chairman of URC – Kuwait, indicated that the acquisition completion of the Abdali Mall Company shares falls within the company’s strategy to support and develop its subsidiaries in the region to achieve better growth.
“We will continue to support our projects in the Hashemite Kingdom of Jordan and develop them to the highest standards of quality and performance,” he added.
Eng. Abdelmajid Al Kabariti, CEO of URC – Jordan, said that this step will help in bringing more cooperation and coordination with Abdali Investment and Development Company, and to venture into new
scopes of investments.
It’s noteworthy to mention that Abdali Mall opened in 2016 as a complete shopping centre. The total built area is over 227,000 sqm, offering over 55,000 sqm of leasable area.
Abdali Mall features an outstanding design that blends internal and external leasing areas. It will offer a unique shopping experience by hosting international fashion brands, a unique chain of restaurants and cafés, entertainment facilities, and a nine screen cinema complex.
Abdali Mall has been widely recognised in the region after receiving “Best Retail Project” Award at Cityscape Emerging Markets 2016 Awards.