KUWAIT CITY: National Real Estate Company (NREC), a leading regional asset manager and developer with development projects exceeding $ 1 billion in both Egypt and the UAE, yesterday released its financial results for the first half of 2016. The company recorded growth in top-line earnings of 52 percent and a net profit KD7.6 million.
Revenue growth was driven by income generating assets in Kuwait, Jordan and Egypt, where NREC is developing a 3.8 million square meter residential community. The company is also developing Reem Mall, a two million square foot major shopping destination in Abu Dhabi. Reem Mall will house more than 450 stores including 85 restaurants, a large hypermarket, and family entertainment zones that include the world’s largest indoor snow-play park.
