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KUWAIT - Real Estate & Construction

Mazen Issam Hawwa

Vice-Chairman & Group CEO, United Real Estate Co. (URC)


Mazen Issam Hawwa is Vice-Chairman & Group CEO of URC. He joined URC as Group CEO in 2020. He was a member of the senior management team of KIPCO Group, where he has spent more than 19 years. He joined the finance and accounts team in 2001, and his last position was deputy group COO, leading finance and operations. He also serves on the board of several KIPCO operating subsidiaries. Hawwa holds an Executive MBA from HEC Paris and is a graduate of the Lebanese American University. He has attended several executive education programs, including the General Management Program at Harvard Business School, and holds several professional qualifications from prominent US-based institutions.

"Throughout 2022, URC continued to demonstrate agility, with a client-centric approach while maintaining innovation efforts."
TBY talks to Mazen Issam Hawwa, Vice-Chairman & Group CEO of United Real Estate Co. (URC), about the company’s success and expectations for the coming year.
The company’s financials attest to your success. Could you share the financial performance of URC over the past year?

Throughout 2022, URC continued to demonstrate agility, with a client-centric approach while maintaining innovation efforts. We delivered strong organic growth, which enabled us to achieve an increase in net profit to KWD6.58 million for the first half of 2022 compared to a net profit of KWD1.27 million for the same period of 2021. URC’s growth continued into 3Q, recording a net profit increase of 231% at KWD8.18 million in the first nine months of the year compared to KWD2.47 million the previous year. In December, URC successfully completed its merger by amalgamation with United Towers Holding Company (UTHC) and Al Dhiyafa Holding Company (DHC) to enhance the company’s asset portfolio and strengthen our ability to fundamentally increase revenues, which will lead to added value for our shareholders. The merger enhances the group’s operational performance, which goes in line with its strategic vision and increases its financial competitiveness.

URC is currently working on Assoufid Phase II development in Marrakech. What could you tell us about this project?

The second phase of the Assoufid development will introduce the iconic five-star hotel brand, The St. Regis Marrakech Resort, operated by Marriott International, Inc. The hotel will have 80 keys equipped with exclusive amenities such as a world-class spa, a state-of-the-art fitness center, as well as three specialty restaurants for a world-class culinary experience. Our goal is to position Assoufid as the first exclusive St. Regis branded residence in Marrakech to provide a variety of premium standards for luxury living, with exclusive amenities and personalized services as the second phase. The third phase will introduce additional premium villas and apartments. Assoufid also consists of a multiple award-winning 18-hole high-end golf club. With infrastructure works completed, the award winning five-star hotel, St. Regis Marrakech alongside branded villas, premium residences, and a retail hub, is expected to commence construction in mid-2023 and will be completed in mid-2025. In addition to our world-class golf course, these high-end components will be part of our success story in creating valuable experiences.

What priorities and developments do you anticipate for the upcoming year?

Our priorities remain constant on creating value for our shareholders, building sustainable communities, delivering high-quality projects, and building trust. URC’s commitment to continuous development ensures timely delivery in Kuwait, Egypt, and Morocco. When it comes to Kuwait, we are continuing with the development of our residential components Hessah Towers and Byout Hessah in the Hessah District. We also aim to finalize the development of the commercial district and are locked in negotiations with several retailers of all kinds. In Kuwait, we have been creating unique customer experience and a pleasant journey with Marina World, a landmark mixed-use development located on the Arabian Gulf Road and considered to be one of the country’s most bustling areas and most visited malls.



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