United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its full-year 2025 financial results. The group reported a net loss for the year of KD 1 million, a reduction in profit by 198%, or -3.18 fils per share, compared with the same period in 2024 year. The company’s revenue was KD 3.77 million, down by 56%, compared to 2024.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: “2025 has been a transitional year for the company. Despite the suspension of our contract and operations at Kuwait International Airport’s Terminal 1 (T1) beginning in May, UPAC’s overall performance remained in line with our expectations. We sharpened our focus on our Messilah Beach project, directing our efforts towards enhancing the customer experience. As a key pillar of our growth strategy, Messilah Beach represents our expansion into the entertainment and hospitality sector. Through this initiative, we are laying a solid foundation for stronger financial performance in the years ahead.”
Malallah added: “We continue to actively pursue strategic opportunities within our industry that support sustainable growth and deliver long-term value for the company and our shareholders.”
In October, UPAC officially opened the Messilah Beach project, Kuwait’s latest and most comprehensive beachfront destination. Messilah Beach features a carefully curated lineup of tenants, offering a diverse selection of local and international dining experiences alongside distinctive entertainment operators.
“Our teams continue to actively work closely with our confirmed operators, to support their on-ground operations as well as upcoming tenant openings. We are looking forward to be bringing an exceptional, family-friendly beach destination experience to Kuwait through Messilah Beach, which is set to be a vibrant, year-round destination,” concluded Malallah.
UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. Reem Mall is Abu Dhabi’s latest signature shopping, dining, and entertainment family destination spanning an impressive 183.4K sqm GLA.
Throughout the year, Reem Mall progressed with its operational ramp-up, achieving a 26% rise in footfall. By the end of the period, around 73% of the mall was open and trading, while an additional 12% was undergoing fit-out, resulting in an effective occupancy rate of approximately 85%. Continued improvement is supported by favourable population growth and tourism trends in Abu Dhabi.
The mall is one of the region’s first fully integrated omnichannel retail ecosystems with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.
