Latest news with #TouristicEnterprisesCompany
Kuwait Times
4 days ago
- Business
- Kuwait Times
Messila Beach project opening set for coming months
A render of the Messila Beach project (plage 2). KUWAIT: The Messila Beach Project (Plage 2) has entered its final stages, with its official opening scheduled in the coming months, officials confirmed Wednesday. Speaking to Kuwait News Agency (KUNA) during an inspection tour on Wednesday, Sheikh Sabah Bader said the nearly completed project represents a modern recreational outlet and a significant addition to Kuwait's family-oriented tourism offerings. Once open, it will deliver a premium experience in comfort, leisure, and variety, in line with regional standards. Sheikh Sabah emphasized the importance of public-private sector collaboration in advancing tourism infrastructure and aligning services with the expectations of citizens and residents. The project aims to develop Messila Beach into a modern, integrated facility spanning 70,000 square meters. It will feature recreational and sports activities to meet the needs of visitors of all age groups year-round, with the goal of creating a family-friendly attraction. The development includes water games for various age groups, swimming pools, sports and marine activities, as well as restaurants, cafés, and retail outlets to serve visitors. 'The Messila Beach Project is among the most prominent family entertainment developments by the company and a core part of our strategy to boost tourism,' said Abdullah Al-Jaafar, CEO of Touristic Enterprises Company. Al-Jaafar emphasized that the final stages are focused on quality assurance and ensuring the visitor experience reflects global best practices in family entertainment. Once opened, the beach complex is expected to become one of Kuwait's flagship recreational destinations. — Agencies
Kuwait Times
5 days ago
- Business
- Kuwait Times
TEC begins work to develop major Jahra entertainment project
KUWAIT: Officials from the Touristic Enterprises Company (TEC) has signed a contract with the Kuwait Financial Centre (Markaz) pose for a photo. KUWAIT: The Touristic Enterprises Company (TEC) has signed a contract with the Kuwait Financial Centre (Markaz) to develop a major new entertainment and tourism project in Jahra, signaling a key step in enhancing the area's infrastructure and visitor experience. According to a press release issued Thursday, the project aims to become a vibrant destination that contributes to Kuwait's broader tourism development goals. Markaz will bring its investment and development expertise to ensure the project's financial and operational sustainability. The statement didn't provide further details about the nature of the project. Jahra has emerged as a key area of interest for entertainment investments in recent years. This includes the Jahra Waterfront Project, also known as 'Al-Corniche,' which was approved by the Municipal Council in October 2024. The waterfront development spans approximately 5,794 square meters and is expected to generate around 25,000 job opportunities, making it one of the most ambitious tourism infrastructure initiatives in the country. Acting CEO of TEC, Abdullah Al-Jaafar, stated that this collaboration is a strategic move within the company's ongoing efforts to establish impactful partnerships with leading institutions. '(The project) strengthens TEC's position as a leader in the tourism and entertainment sector in Kuwait,' he said. Al-Jaafar expressed hope that the agreement would deliver added value that positively reflects on the company's services, entertainment facilities, and visitor experience. Abdullatif Al-Nusif, Managing Director of Wealth Management and Business Development at Markaz, said that this cooperation aims to provide innovative investment solutions that contribute to the development of Kuwait's entertainment infrastructure in line with the state's vision to support the national economy. Al-Nusif added that this step is part of TEC's broader approach to leverage private sector expertise in developing and managing its projects according to the highest global standards. It also aligns with TEC's goals of diversifying revenue sources and offering high-quality experiences to visitors. — Agencies
Arab Times
18-05-2025
- Business
- Arab Times
UPAC Reports Q1 2025 Financial Results
KUWAIT CITY, May 18: United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its financial results for the first quarter of 2025. The company reported a net profit of KD 480 thousand, down 26% from 2024, or 1.19 fils per share. The company's recorded revenue for the quarter was KD 2 million, down 11% from 2024. Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: 'UPAC's results are in-line with our expectations. The reduction in revenue is mainly attributable to airport-related services. We remain committed to identifying and pursuing strategic business opportunities within our industry that drive growth and create value for the company and its shareholders.' Malallah continued: 'Planning for the Al Messilah Beach Project (Plage-2) site has been progressing, where our teams are working on preparing the project for its opening and operation, meeting the relevant partners, and potential vendors who we will be working with on this exciting new project.' Al Messilah Beach, one of Kuwait's prime family entertainment destinations, was developed by Touristic Enterprises Company as part of its role in spearheading growth of Kuwait's tourism sector. UPAC is managing all aspects of the site including leasing, entertainment activities, facility management, and overall project operations. UPAC is also a co-investor in Abu Dhabi's $1.3 billion Reem Mall on Reem Island. The mall is the region's first fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience. To date, 198 units are trading, and almost 80% of Gross Leasable Area (GLA) is committed.
Arab Times
26-03-2025
- Business
- Arab Times
TEC's latest projects enhance Kuwait's entertainment landscape
KUWAIT CITY, March 26: Hamoud Al-Falah, Vice Chairman of the Touristic Enterprises Company (TEC), emphasized the company's ongoing commitment to sustainability and the development of Kuwait's tourism sector. Speaking at the company's 2024 general assembly, held on Wednesday with 100 percent attendance, Al-Falah highlighted TEC's success in implementing quality projects that have significantly boosted tourism and entertainment in the country. Al-Falah proudly noted the inauguration of the third season of the "Winter Wonderland Kuwait" project at Al-Shaab Park, which has become the largest entertainment complex in Kuwait, drawing large crowds. He mentioned the company's efforts to enhance the project's components to ensure the best entertainment experience for visitors. Additionally, Al-Falah mentioned the opening of the second season of the South Sabahiya Park project, covering 107,000 square meters and offering more than 55 activities, making it a prime destination for families. He also noted the development of the Blajat Beach project, with added recreational facilities and activities, as part of TEC's continuous efforts to provide unique and innovative entertainment experiences. The company also completed the waterfront beautification project, which includes dedicated walking and cycling paths, 40 electric car charging stations, comfortable seating areas, and thoughtfully designed green spaces, creating a welcoming recreational environment for visitors. In line with the government's directives to encourage greater private sector involvement in the economy, Al-Falah explained that TEC had made several of its facilities available for investment, aiming to maximize revenue and ensure long-term financial sustainability. These opportunities were offered through a public auction, with transparency, and included the Hilton Resort in Mangaf, Ras Al-Ard Club in Salmiya, Aqila Beach, and Messila Beach. Al-Falah further highlighted TEC's collaboration with private sector entrepreneurs in launching innovative entertainment projects. This included the second season of the "Key Land" project, now located at Al-Balajat Beach, which is set to become the first family entertainment park on the beach. The company also unveiled the "Joon" project, an entertainment site near the Kuwait Towers, featuring a luxury restaurant and hosting notable singing and folkloric events. Al-Falah also stressed the company's dedication to sustainability, with the Board of Directors directing the executive management to adopt alternative energy solutions and replace current lighting systems with energy-efficient options, while ensuring the rationalization of water consumption. The General Assembly approved all items on the agenda, including the Board of Directors' report, the auditor's report, and the audited final financial statements. Established in 1976, TEC has played a vital role in continuously developing Kuwait's cultural identity and remains one of the leading tourism organizations in the Arabian Gulf region.
