UPAC Holds it AGM for the Financial Year Ending 31st December 2022

31 May 2023, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, held today its Annual Ordinary General Assembly Meeting, with a quorum of 97.233%.

UPAC shareholders approved all the items on the AGM agenda, including UPAC’s audited financial results. They endorsed the Board of Directors’ recommendation not to distribute dividends for the fiscal year ending 31 December 2022.

In 2022, UPAC recorded full year 2022 revenue of KD 9.89 million, up 28.7% from 2021, with a net profit of KD 690 thousand or 1.67 fils per share.

Nadia Akil, Chief Executive Officer – UPAC, said: “I’m pleased with our results and with UPAC’s performance in 2022. The company’s improved numbers are mainly a result of the gradual resumption in air passenger traffic at Kuwait International Airport throughout 2022. We are happy to see that overall operations as well as flight volumes are returning to normal levels, where UPAC expects to benefit from increases in daily flights and passenger volumes in 2023 and beyond.”

Reem Mall has opened to the public in February 2023, with about 100 units operating to date. The mall has been welcoming Abu Dhabi residents and visitors for some time now given one of the mall’s main anchors, Carrefour Hypermarket, had already opened to the public in early 2022, giving shoppers the opportunity to familiarise themselves with the location and layout of the mall. Since the official opening in February, the mall has been gradually rolling out more stores, the list includes the largest Homecentre store in the UAE, as well as Zara, Mango, Boggi, Stradivarius, Bershka, Centrepoint, Sephora, Kiko, Chattels & More, Nike, and VOX Cinemas, all of which provide an unmatched shopping experience for the mall’s customers.

UPAC is pleased to announce that Snow Abu Dhabi, which is Abu Dhabi's first and only indoor snow play destination, is set to open its doors to the public on 8 June 2023, and will offer year-round snowy adventures for friends and families to enjoy. UPAC expects a steady increase in additional store openings by more tenants over the coming months.

Abu Dhabi’s $1.3 billion Reem Mall is the region's first, fully integrated omni-channel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

In Kuwait, UPAC operates three major projects, including the management and operations of Kuwait International Airport’s Terminal 1 airport mall, parking and related facilities, as well as the management of real estate and parking facilities at the airport’s Sheikh Saad terminal and parking and related facilities at Terminal 4, the dedicated Kuwait Airways terminal.