16/08/2025
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16/08/2025
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KUWAIT CITY, Aug 16: National Real Estate Company (NREC) reported its financial and operational results for the period ended June 30, 2025, recording a net loss of KD 65.3 million and a loss per share (LPS) of 34.01 fils for the first half of 2025, compared to a net profit of KD 1.6 million and earnings per share (EPS) of 0.91 fils for the same period in 2024.
The Company posted year-to-date operating revenue of KD 1.6 million and total assets of KD 539 million as of June 30, 2025.
In Q2 2025, NREC reported a net loss of KD 66.5 million, a loss per share of 34.63 fils, and operating revenue of KD 0.8 million.
Commenting on the Company’s results, NREC Vice Chairman and Chief Executive Officer, Faisal Jamil Sultan Al-Essa, said: "On 18 June 2025, Agility KSCP announced an in-kind distribution of Agility Global PLC shares to its shareholders. This move triggered a revaluation of Agility Global in accordance with IFRS, resulting in a one-time, non-cash loss in Q2 2025."
“As the largest shareholder in Agility KSCP, NREC recognized its proportionate share of this impact during the period. It is important to emphasize that this one-off, non-cash accounting adjustment does not reflect the underlying economic value of Agility Global, which continues to deliver strong performance, nor does it affect the solid fundamentals of NREC’s business.”
“We remain firmly committed to enhancing the performance of our core assets while actively pursuing growth opportunities in our key markets. With a clear strategy and a resilient portfolio, we are well-positioned to create sustainable, long-term value for our shareholders and to capture the growth potential ahead.”
Key Projects Update
Reem Mall – Abu Dhabi: 219 Active Units and Bright Prospects
Sultan stated: “Since opening in May 2024, Reem Mall has quickly become a premier retail and lifestyle destination in Abu Dhabi. With 219 units actively trading, the mall demonstrates strong early engagement and a growing retail presence. A vibrant environment is taking shape, featuring a mix of leading international brands and exciting new entrants. This momentum highlights the mall’s appeal and adaptability to an evolving market.”
He added: “Abu Dhabi continues to see steady growth in family-oriented tourism, driven by world-class attractions, expanding leisure infrastructure, and a year-round events calendar. Reem Mall is well-positioned to capitalize on this trend, offering a diverse range of entertainment, dining, and retail experiences, including unique attractions like Snow Abu Dhabi, catering to residents and the growing number of family visitors from across the region and beyond.”
NREC is a co-investor in the $1.3 billion Reem Mall on Reem Island. Featuring digital innovations such as a mobile app for hands-free shopping, in-mall navigation, and smart parking, the mall leads in integrating online and in-person experiences. It houses the world’s first Bloomingdale’s Beauty, exclusive private viewing rooms at VOX Cinemas, and top brands including Carrefour, Nike, Eataly, Zara, Sephora and Marina Home.
Grand Heights – Egypt: A Modern, Integrated Community near Cairo
Sultan said: “The Grand Heights project, developed by KUWADICO, continues to make steady progress in its development. This fully integrated, gated community is designed to provide residents with a modern, secure, and sustainable living environment. It combines residential, commercial, and recreational spaces, offering a balanced lifestyle in a prime location near Cairo.”
He added: “The development spans 3.8 million square meters and is being executed in phases to meet the growing demand for premium housing options in the area.”
South Aqaba Investment Park – Jordan
NREC’s logistics and industrial park in South Aqaba continued to deliver steady performance in H1 2025, maintaining full occupancy and generating stable rental income.
Sultan noted: “Despite regional uncertainties, the park has maintained strong performance, demonstrating both resilience and operational strength.”
Enhancing the Portfolio for Sustainable, Long-Term Growth
Sultan stated, “Our priority remains optimizing the portfolio in line with NREC’s strategic vision. We are focused on maximizing the performance of core assets, exiting non-strategic holdings, and pursuing new local and regional investments that drive sustainable growth and deliver lasting value to shareholders.”
Advancing Sustainability for a Stronger Tomorrow
Sultan stated, “Sustainability is central to NREC’s growth strategy. We are dedicated to integrating responsible practices across all operations, from reducing environmental impact to fostering social inclusion and maintaining robust governance. Through our ESG initiatives, we strive to create lasting, positive impact in the communities we serve while delivering resilient, long-term value for stakeholders.”
Established in 1973 and listed in Boursa Kuwait, National Real Estate Company (NREC) is a real estate investment, development, and property manager based in the Middle East and North Africa. The Company’s portfolio comprises a mix of retail, commercial, and residential properties in the region.
