United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, its financial results for the first half of the year, ending on 30 June 2026.
The group recorded a net loss of KD (779) thousand during the first half of 2026, equivalent to (2.10) fils per share, compared to a net profit of KD 497 thousand during the same period of 2025. The group’s revenues stood at KD 987 thousand, compared to KD 3.3 million during the corresponding period of the previous year.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: “Our second-quarter performance is fully aligned with our targets, and we expect the remainder of 2026 to deliver continued stable results. As previously stated, the year-on-year decline in revenues and net earnings is directly attributable to the expiration of the Terminal 1 management contract at Kuwait International Airport in 2025, a contract that had been a major revenue driver for the group. That said, our existing operating assets and investments are performing exactly as planned, underpinned by measurable progress on strategic projects and steady improvements in the operating metrics of our core assets. This performance reinforces our conviction that UPAC is well-positioned to navigate economic and operational shifts, stay the course on its strategic roadmap, and deliver on its long-term commitments.”
Malallah continued: “UPAC is steadily executing its strategy to diversify revenue streams and maximize the value of its investment portfolio. We are seeing clear, tangible momentum on the Messilah Beach project, a cornerstone of the group’s future growth trajectory following the airport contract’s conclusion, and a strategic launchpad for long-term revenue diversification and operational yield enhancement. At the same time, the company maintains a robust financial position and strong liquidity headroom, fully supporting our upcoming operational and investment initiatives. This financial strength enables us to push forward with existing developments and seize high-potential opportunities, all with a clear focus on generating enduring value for our shareholders.”
“During the second quarter, Messilah Beach witnessed multiple tenant openings where visitors have begun enjoying brands such as Ananas, &Cookies, and Chocomelt, alongside RC Arena, an outdoor RC racing experience in Kuwait, as well as the debut of Flo Island at our pool side area. Since the start of the year, UPAC has also activated several high-impact events at Messilah Beach, featuring a curated mix of local and international dining experiences alongside standout entertainment partners,” added Malallah.
As part of its ongoing commitment to the highest standards of safety and business continuity, UPAC closely monitors geopolitical developments and events in the region, and continues to enhance its operational readiness through the periodic review of emergency protocals and risk management across all its facilities. These proactive measures ensure the protection of our employees and visitors while safeguarding uninterrupted business operations, aligned with industry best practices.
“Our teams are actively working hand-in-hand with our confirmed operators to support on-ground operations and accelerate upcoming tenant openings,” added Malallah. “We remain focused on delivering an exceptional, family-friendly beach side destination through Messilah Beach, set as a vibrant, year-round landmark destination in Kuwait.”
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.
Reem Mall continued to deliver strong operational performance during the second quarter of 2026 occupancy rate approaching 90%, supported by sustained demand from local and global brands, as well as the anticipated opening of several key stores in the coming period. This performance reflects the project’s growing operational momentum and reinforces positive expectations for its performance in the second half of the year, amid continued demand from international and regional brands and the ongoing completion of fit-outs for leased units.
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.
