United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, its financial results for the first quarter of 2026. The group reported a net loss for Q1 of KD 512 thousand, a reduction in profit by 207%, or -1.38 fils per share, compared with the same period in 2025. The company’s revenue stood at KD 435 thousand, down by 78%, compared to 2025.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: “As we step into 2026, our reported financials in the first quarter are in line with our expectations. The drop in revenues and net profits is comparative since we had ended our contract and operations at Kuwait International Airport’s Terminal 1 (T1) in 2025, UPAC’s overall performance remained in line with our expectations. Our focus is locked on the Messilah Beach project, driving every effort to elevate the customer experience.
“Since the start of the year, UPAC has been closely monitoring geopolitical developments across key parts of the Middle East and has activated comprehensive safety protocols across the project to ensure the well-being of both employees and visitors at Messilah Beach. In the first two months of the year, we saw steady progress on the ground at Messilah Beach, and despite a dip in footfall during March due to the geopolitical situation, we saw a strong rebound in the second half of the month. UPAC extends its full appreciation to the Kuwaiti government and relevant authorities for their unwavering commitment to maintaining security and stability.”
“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,” added Malallah.
Since the beginning of the year, UPAC hosted a few activations at Messilah Beach offering a diverse selection of local and international dining experiences alongside distinctive entertainment operators.
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 delivered a resilient Q1 2026, with footfall and tenant sales both growing by double digit year-on-year. Occupancy now approaches 90%, supported by active leasing momentum and an upcoming pipeline of flagship tenant openings. A brief softening in footfall was observed in early March; however, activity recovered over the remainder of the period.
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.
