NREC Named among top 25 listed developers in the Arab World by Forbes Magazine

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NREC’s CEO Mr. Samuel Sidiqi receiving the award from Forbes Middle East
NREC’s CEO Mr. Samuel Sidiqi receiving the award from Forbes Middle East

Dubai: National Real Estate Company (NREC), one of the developers of Reem Mall, Abu Dhabi’s new and upcoming lifestyle destination, was recognized as one of the ‘Top Real Estate Companies in the Arab World’ by Forbes Middle East.

In an exclusive gala dinner held by Forbes Middle East, the biggest developers, agencies, and international property consultants in the real estate sector- the ‘Top Real Estate Companies in the Arab World’- were honored.

The top 100 real estate companies in the Arab World were determined by analyzing 2015 metrics on Market Value, Assets, Profits and Revenue taken from each company’s annual report and their base country’s stock market website.

NREC’s CEO Mr. Samuel Sidiqi said, “We are pleased and honored to be named one of the top real estate developers in the region by the esteemed Forbes Middle East. We thank the Forbes Magazine judges for recognizing the company’s efforts and quality development projects.”

The Forbes Middle East Magazine gala dinner was held at the Waldorf Astoria, Dubai Palm Jumeirah. NREC was at the event, recognized alongside several other companies leading the real estate industry in the Arab World.

As a strong proponent of sustainability and commitment to positive environmental impact, NREC leverages best practices in planning, design, and development to create balanced, viable, and quality projects and destinations across the MENA region. Earlier this year, NREC became the Urban Land Institute’s (ULI) first Sustaining Member in Kuwait and the Middle East; joining several of the world’s leading developers including Tishman Speyer, JP Morgan Asset Management, and Prudential Real Estate Investors.

About the National Real Estate Company (NREC):

Established in 1973, the National Real Estate Company (NREC) is a publicly-listed company on the Kuwait Stock Exchange and a regional pioneer in real estate investment, development and property management. NREC has developed a strong portfolio of retail, commercial and residential real estate in emerging and established markets across the Middle East and North Africa (MENA).

NREC is today one of the largest real estate companies in the MENA region, with assets of KD565 million and KD214 million in shareholders’ equity. NREC is the largest shareholder of Agility Logistics, one of the top 10 logistics companies globally, with a 22.34% share.

NREC’s high profile portfolio across the MENA region includes:

  • Souq Sharq: The first waterfront shopping mall in Sharq, Kuwait
  • Grand Heights: A high-end residential development of 3.8 million square meters in Egypt
  • Palm City Residences: An exclusive, secured and serviced residential community in Libya
  • Aqaba Warehousing and Industrial Park: A 1.5 million square meter “Gated Business Park” that supports all storage and industrial requirements located in Aqaba, Jordan
  • Reem Mall: A super-regional mall under development in Abu Dhabi, UAE

About Reem Mall:

Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. It is expected to launch in 2018. The Reem Mall project will comprise around 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including the world’s largest indoor snow-play park!