Kuwait's United Real Estate Company (URC), the real estate arm of Kuwait Projects Company Holding (KIPCO), has secured KWD38 million ($122.82 million) in Islamic banking finance for the construction and development of Waterfront Real Estate Project - Phase 3 (Souq Sharq), located in the Sharq Area of capital Kuwait City.

The real estate public-private partnership (PPP) project was awarded to URC by Kuwait Authority for Partnership Projects (KAPP) in February 2026, said a Zawya report.

The developer said it obtained KWD25 million in non-cash facilities for 17 years and a KWD13 million cash facility for 10 years from a local bank, according to a statement published on Boursa Kuwait.

URC earlier this month reported an operating profit of KWD6.96 million for the first quarter of 2026, compared to KWD6.28 million in 2025, an increase of 11%. However, the net profit dropped 8% to KWD2.09 million from KWD2.28 million in 2025, it said.