May 2026
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Largest Real Estate Development Public Companies in Kuwait
Benchmark revenue and EBITDA valuation multiples for public comps like
Mabanee, Kuwait Real Estate, United Real Estate Company (URC) and National Real Estate Company.
 | Mabanee Co KPSC is a Kuwait-based company which sells, purchases, develops, and operates real estate properties in Kuwait and abroad, including hotels, guest houses, residential and touristic complexes. The company operates through business segments namely Construction and real estate investment and Hotel operations. It generates maximum revenue from Construction and real estate investment segment. The Construction and real estate investment segment include real estate development, project leasing and construction activity for self or others. | $3 | +18% | $5B | $8B | 18.2x | 20.7x | ||
| Kuwait Real Estate Co is a Kuwait-based shareholding company that operates in the real estate sector. It is engaged in dealing with a range of real estate activities, including the sale, purchase, renting out, and leasing of lands and real estate properties, erecting buildings, prepare and implementing studies of private and public real estate projects. It has three operating segments: real estate, investment and services. The real estate segment contributes to the majority of the revenue. Its geographical segments are Kuwait; Other Middle Eastern Countries; the United States, Europe, and other countries. | $1 | +40% | $1B | $2B | 15.9x | 16.8x | ||
| United Real Estate Co (K S C) is a diversified real estate company. The firm operates through a number of operating subsidiaries and investment arms across the Middle East and North Africa region. The company's core business is real estate development and operations. The company has four segments: Rental operations consist of leasing of properties; Hospitality operations consist of hospitality services; Real estate development &Property trading consist of purchase and resale of properties & development of real estate properties; and Contracting and services consist of managing third party properties. Its primary geographic markets are Kuwait, Jordan, Egypt and Oman out of which Kuwait generates maximum revenue for the company. | $1 | +32% | $1B | $2B | 6.8x | 20.2x | ||
| National Real Estate Co KSC (NREC) is a real estate investment and development company. The company is engaged in the purchase, development, and sale of land, management of real estate properties, real estate construction, and maintenance services. The company reports in two segments: Real Estate and others, which include development, trading, leasing, and management of real estate properties and other activities, and the Investments segment which consists of investment in an associate, joint venture, and equity securities. The portfolio of company projects includes Residential, Malls, commercial, industrial, warehousing, and resorts. NREC has development projects in United Arab Emirates, Egypt, Jordan, Kuwait, and Libya. | $0 | -- | $658M | $1B | 95.4x | (5.3x) | ||
| Median | $1 | +32% | $1B | $2B | 17.1x | 18.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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