Kuwait : National Real Estate Company (NREC) held its ordinary general assembly meeting for shareholders today for the fiscal year ending December 31, 2024, with an attendance rate of 69.3 %. The meeting was held electronically.

The company's shareholders approved all items on the agenda of the Ordinary General Assembly, including the Board of Directors' recommendation to distribute bonus shares at a rate of 5% of the capital, equivalent to 5 shares for every 100 shares held. These dividends will be distributed to shareholders registered in the company's shareholder registry on the due date of June 25, 2025, with the dividends to be distributed on July 6, 2025.

Financial and operational performance overview

The company announced a net profit of KWD 9.3 million, equivalent to 4.91 Kuwaiti fils per share, for the fiscal year ending December 31, 2024, compared to a net loss of KWD 35.2 million in 2023. The company's operating revenues reached KWD 5.8 million, compared to KWD 12.4 million in 2023. Total assets increased to KWD 574 million, and shareholders' equity increased to KWD 374 million.

Operationally, the company's major projects in Jordan and Libya demonstrated stable performance and remarkable resilience despite the geopolitical challenges in the region. The South Aqaba Investment Complex in Jordan maintained full occupancy across its warehouse and industrial buildings, while occupancy at the Palm City project in Libya rose to 61% by the end of 2024, compared to 58% in 2023.

Strategic focus and value-enhancing investments

Faisal Jameel Sultan Al-Essa, Vice Chairman and CEO of the National Real Estate Company (NREC), affirmed the company's commitment to enhancing shareholder value through a focused strategy that includes divesting non-strategic investments, exploring new investment opportunities in local and regional markets, and implementing restructuring plans that support sustainable long-term growth. Sultan also emphasized the strategic importance of the company's 22.3% stake in Agility Public Warehousing, expressing his confidence in its global leadership in supply chain innovation. NREC also invests in Agility Global, both directly and through its stake in Agility Public Warehousing. Agility Global manages prominent companies such as Menzies Aviation, Tristar, and Agility Logistics Parks.

Major project developments

By the end of 2024, the National Real Estate Company (NREC) had achieved significant progress on its key projects. Reem Mall in Abu Dhabi officially opened in May, and the number of operating commercial units exceeded 197 by the end of the year, reflecting strong leasing performance. NREC is a co-investor in this $1.3 billion project, which includes more than 400 stores, 80 food and beverage concepts, and Snow Abu Dhabi, a distinctive entertainment attraction .

In Egypt, Grand Heights, developed by KUWADICO, continues to make steady progress in its development phases, with 83% of residential units sold by the end of 2024. Covering an area of 3.8 million square meters , the project offers a balanced mix of residential, commercial, and entertainment facilities, promoting a modern and sustainable lifestyle .

Commitment to sustainability

Sultan emphasized NREC's focus on sustainability and responsible business practices, saying, "Sustainability is the cornerstone of our operations and future growth strategy. We are committed to implementing responsible practices across our business, from reducing environmental impact to promoting social inclusion and maintaining good governance. Through our environmental, social, and governance efforts, we aim to create a long-term positive impact in the communities in which we operate and achieve sustainable growth that meets the aspirations of all our stakeholders."

Final statement

Sultan concluded by saying, "I extend my sincere thanks and appreciation to our shareholders for their continued support of the company's strategic direction. I would also like to express my gratitude to all our stakeholders for their continued confidence in our management team."

National Real Estate Company (NREC) was founded in 1973 and is listed on the Kuwait Stock Exchange. The company invests in, develops, and manages real estate across the Middle East and North Africa. The company focuses on a mix of sectors, including retail, commercial, and residential real estate in the region.

The Ordinary General Assembly elected a new Board of Directors for the next three years. The formation included:

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