Amaken United Real Estate Company was established in 2005 as a closed Kuwaiti shareholding company with a capital of KD 3.5 million and is one of UIC subsidiaries, as UIC holds 75.62% stake in Amaken, who strives to become one of the leading companies in the industrial real estate sector.

Amaken owns a diverse number of land plots in strategic locations, covering most of the industrial areas in Kuwait. These projects are of specialized nature and are distinctly marketable, as they cater to services, industrial, commercial and administrative activities. During the year, the company rented available areas in several land plots, which reflected positively on its financial results. The rest of the plots are either being marketed for leasing or for divesting.

Financial Highlights

The company recorded KD 0.38 million profits, compared to KD 2.29 million losses incurred in 2009. The company’s realized revenue from leasing KD 0.28 million, compared to no revenues from this activity in 2009. The company also exited from one of its properties, realizing a profit of KD 0.032 million. Profits generated from the revaluation of a property KD 0.21 million, compared to losses of KD 2.38 million for the same period in 2009.

Liabilities dropped 47% to KD 0.58 million for the year under review, compared to KD 1.1 million in 2009.