Mubasher: United Real Estate (URC) on Monday announced that its subsidiary, United Building Company (UBC), has signed an agreement with Public Authority for Housing Welfare (PAHW).

The contract’s total value amounted to KWD 74.9 million ($246.9 million), according to a filing to Boursa Kuwait.

The contract entails constructing and maintaining 40 properties, or 720 units at Al-Dahiya Investment in Sabah al Ahmad residential city.

The deal will increase URC’s revenues by KWD 74.9 million, and the projects are scheduled to be finished within 30 months.

By the end of Monday’s session, URC’s stock rose 2.44% at 63 fils.