Hawwa… URC is as a leader in mixed-use & high-end real estate in Kuwait

In 2020, Mr. Mazen Hawwa was appointed the CEO of URC amid a global pandemic. The company’s business started recovering in 2021, and in 2022 merger transactions were executed, paving the way for sustainable expansion.

Mr. Mazen Hawwa

KIPCOLife met with the Mr. Hawwa, who talked about structural changes that were made to enhance efficiency, as well as the company’s real estate projects in Kuwait and the MENA region and its future plans.

You have been leading URC since 2020. What structural and operational changes have taken place during this time?

Since 2020, URC has undergone significant transformations to enhance efficiency, agility and long-term sustainability. These changes have strengthened our position as a leader in mixed-use and high-end real estate in Kuwait, with a strategic focus on high-value developments like Hessah District.

Despite the challenges of the COVID-19 pandemic, URC recovered by Q2 2021 as business activity returned to normal. This paved the way for continued growth across our business verticals.

A key milestone in 2022 was the successful merger by amalgamation with United Towers Holding Company and Al Dhiyafa Holding Company, reinforcing our financial position and expanding our portfolio. Additionally, URC exited its stake in the capital of the Kuwait Hotels Company as part of its strategy to refocus on developing and investing in quality real estate projects.

Complete handover of Hessah Towers, Byout Hessah in final handover phase

URC’s vision ‘Bringing It Home’ reflects our commitment to channeling our expertise into Kuwait

Today, URC is more resilient and well-positioned for sustainable expansion, maintaining a strong focus on Kuwait, while strategically evaluating regional opportunities. This progress would not have been possible without the support, trust and vision of our Chairperson and the support of KIPCO’s leadership. 

What are the latest updates on URC’s developments in Hessah District?

Hessah District is progressing steadily, achieving major milestones across key projects. Hessah Towers’ handover is complete, with residents already moved in, marking a key step in the district’s residential growth. Meanwhile, Byout Hessah is in the final handover phase.

Hessah Plaza is now 100% complete, moving closer to delivering a premium retail and dining destination. The Plaza has successfully secured high-profile tenants, carefully selected to complement the district’s luxurious ambiance. Beyond its commercial value, it will serve as a social and recreational hub, enhancing the district’s vibrant lifestyle.

Leasing for Hessah Work and Hessah Health is officially open, welcoming businesses that align with the district’s vision of a dynamic and integrated community.

Tell us more about URC’s projects in the MENA region.

URC has a strong presence across the MENA region, with a diversified portfolio spanning residential, commercial, hospitality and mixed-use developments.

In Kuwait, Hessah District is setting new benchmarks for modern community living by integrating leisure, retail, offices, medical clinics and residences within an interconnected, walkable environment. The project prioritizes sustainability and quality, creating an inclusive space that seamlessly blends work, life and relaxation.

Additionally, URC has secured the Sabah Al Ahmad Development – Community Centers, a key project in partnership with The Public Authority for Housing Welfare, further expanding our portfolio.

For Marina World, we are enhancing customer experiences by refining the tenant mix and hosting diverse events like KIB The Stadium, Flare Festival and world championship jet ski competitions.

Regionally, we have strengthened our footprint with the launch of Gardens Mall’s new brand identity in Oman, reflecting our commitment to continuous growth. In Egypt, the Waldorf Astoria Cairo Heliopolis hotel is experiencing progressive revenue growth since its grand opening.

In Jordan, Abdali Mall remains Amman’s premier retail and leisure hub. Looking ahead, we plan to expand its offerings by incorporating office spaces and residential units, transforming it into a comprehensive mixed-use destination.

Does the company look to expand its operational presence in the region or focus more on the Kuwaiti local market?

At URC, our vision ‘Bringing It Home’ reflects our commitment to channeling our expertise into Kuwait. While we continue to explore MENA opportunities, our primary focus remains strengthening our presence in our home market.

While Kuwait remains our priority, we are strategically evaluating regional expansion opportunities. In Saudi Arabia, we are exploring projects aligned with our expertise, while in Egypt, Jordan and Lebanon, we are strengthening our existing presence and optimizing operations.

What are the company’s strategic plans in the medium and long term?

URC’s strategic priorities focus on serving our clientele, extending our value propositions and enhancing our current portfolio while expanding into premium residential and mixed-use developments.

In the medium term, we are advancing large-scale public-private partnerships, such as the Sabah Al Ahmad Development, set to commence in mid-2025. We are evaluating major mixed-use projects tendered by government institutions that integrate cultural, commercial and residential facilities to enhance urban living and community engagement.

Regionally, URC is exploring new opportunities in Saudi Arabia, while reinforcing our presence in the regions we operate in. Our long-term approach ensures sustainable expansion and reinforces our commitment to delivering high-quality, integrated developments that cater to our customer needs.