Kuwait UPAC handed over $114mln Messila Beach for revamp

Kuwait-based United Projects for Aviation Services Company has announced that it has been officially handed over the project site for carrying out the required provisions including management and operation of facility.

Spanning over a 70,334 sq m area, The Messila Beach project features water sports, swimming pools, restaurants, cafes, shops, a function hall, chalets, administrative offices, and parking lots for 350 cars.

UPAC in its filing to Boursa Kuwait said that much of the renovation work has been completed ahead of the planned opening.

The scope of redevelopment project also included demolition of existing facilities, landscaping, and underground utilities.

UPAC had early signed off a 17-year agreement with Kuwait’s Tourism Enterprises Company (TEC) to manage and operate the Messila Beach (Plage 2) project in mid-July after its bid was selected.

The contract includes a monthly concession fee of KD171,000 ($560,000) over the contract duration, totalling to KD34,884,000 ($114.2 million).

The financial effect of the occurring developments will be reflected in the company’s consolidated

financial statements starting from the operation date.