UPAC Records Revenues of KD 5M in First Half of 2023

6 August 2023, Kuwait

United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its first half financial results where it recorded a revenue of KD 5 million up 7% from 2022. UPAC’s net profit amounted to KD 641 thousand, down 20% from 2022.

Nadia Akil, Chief Executive Officer at UPAC, said: “Our first half results were in line with our expectations. We anticipate a positive trend in the remainder of 2023. Kuwait International Airport operations are witnessing a strong rebound during the first half, particularly with the summer season kicking off back in June.”

Akil also said: “UPAC’s witnessed the successful inauguration of Reem Mall’s Snow Abu Dhabi in early June. Reem Mall has been welcoming visitors since it opened to the public in February. As of the end of June, we have over 110 units operating covering nearly 50% of the gross leasable area (GLA) at Reem Mall. The mall has been welcoming Abu Dhabi residents and visitors. We expect openings by more tenants over the coming months.”

The snow park is located in the heart of Reem Mall, Abu Dhabi’s new retail, leisure, dining and entertainment destination. Snow Abu Dhabi covers a sprawling 9,732 SQM.

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.