Mubasher: United Real Estate signed a contract with one of its subsidiaries, Ikarus United for Marine Service Co, to manage and operate The Marina Yacht Club in Kuwait.

Ikarus will have full authority to manage, operate, and do maintenance works of the club for two years starting 1 July 2019, United Real Estate said in a statement to Boursa Kuwait on Thursday.

An annual net return of approximately KWD 498,910 is expected from this contract, in addition to other return and revenue resulting during the management period.

United Real Estate further added that the impact of the contract will be registered in the financial statements for the third quarter of 2019.