United Real Estate Company has announced the signing of the contract for the Waterfront Real Estate Project – Phase Three, located in the Sharq Area of Kuwait City.
The agreement covers the upgrading, development, repair, major rehabilitation, management, operation, and periodic maintenance of the project. The contract was signed between the Ministry of Finance – Department of State Properties and United Marasi Company for Lands and Real Estate Development, a wholly owned project-dedicated subsidiary established by United Real Estate Company for the execution and management of the development.
Under the terms of the agreement, the annual right-of-use fee amounts to KWD 13.13 million for a total duration of 16 years from the date of handover. The contract includes a one-year grace period allocated for design and refurbishment works, followed by a 15-year operational period.
The Waterfront Real Estate Project – Phase Three is expected to play a key role in enhancing the Sharq waterfront district through comprehensive redevelopment and long-term operational management. The project aligns with ongoing efforts to modernize and revitalize prominent urban and commercial destinations in Kuwait City.
The agreement further reinforces United Real Estate Company’s position as a leading developer and asset manager in the region, reflecting its expertise in delivering integrated real estate projects and sustainable urban developments.
