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Al Mazaya plans expansion into Ajman and Bahrain

United Arab Emirates: Saturday, September 20 - 2008 @ 12:33

The firm has set up new subsidiary companies to support its initiatives for achieving the objectives of the mother company. One prominent Al Mazaya subsidiary is the DIFC based Mazaya Investments, which has now obtained all the necessary licenses to commence its operations, which include setting up and managing investment and real estate funds and portfolios.

Al Mazaya is gearing up to establish a number of revenue-generating assets on a long term basis through the construction of several projects currently in the planning stages, such as the 28 storey office tower to be built on plot No. 38 in the Downtown Jebel Ali precinct and the 60-storey Al Mazaya Tower on Sheikh Zayed Road, which is being developed on an area of 630.000 square feet and is scheduled for completion in December 2010.

Al Mazaya’s announcement coincides with its preparations for showcasing a host of projects with a combined value of $5bn at Cityscape Dubai 2008, which will run from 6 to 9 October at the Dubai International Exhibition Centre. These projects include Downtown Jebel Ali and the Al Mazaya project in the Dubai Waterfront development.

Eng. Khalid Esbaitah, Deputy Chairman and CEO of Al Mazaya Holding, said of the Cityscape exhibition:

“In its 7th year, Cityscape Dubai 2008 has become one of the largest business-to-business real estate investment and development events in the world. It has attracted the attention of GCC property developers since it was first launched and has since strengthened its international position from one year to the next to become an international platform not restricted to local or GCC developers. The participation of countries with emerging real estate markets, such as Jordan, Egypt, Syria and Turkey, is highly significant, as these nations will present the latest facilities and incentive offered for investors in a bid to promote their real estate markets as attractive investment destinations for potential investors. Large real estate exhibitions, such as Cityscape Dubai, have grown to an extent significant enough to curb speculation and other practices designed for the benefit of small-scale investors. These events are now platforms for leading developers and investors.”

“The real estate markets in Dubai and the general region have seen things slow down slightly during the summer holiday season and Ramadan. However, Cityscape Dubai will almost certainly serve as the catalyst for a promising new chapter in the region’s real estate activities, being the primary meeting ground for leading developers and the ideal place in which to conduct significant, large-scale real estate transactions and to forge strategic partnerships among GCC and other Middle Eastern property developers,” he added.

Esbaitah sees Cityscape as a networking event for property developers, investors and clients, where they can exchange ideas and information on topics of interest to them, with the objective of staying abreast of the latest developments and trends in the property markets and finding ways to further improve their projects in quality and quantity, in order to cater to growing demand and to meet clients’ needs.

Speaking on Al Mazaya’s expansion, Esbaitah said:

“Following the establishment of Mazaya Qatar and Mazaya Saudi, the company is gearing up to establish two new companies in Ajman and Bahrain and to launch several more new projects. Our geographical expansion into different parts of the region has resulted in a portfolio of projects with a total value of over $40bn.”

During its participation in Cityscape Dubai, Al Mazaya will showcase Downtown Jebel Ali and the Al Mazaya project in the Dubai Waterfront development, whose combined value totals more than $5bn.

Al Mazaya has acquired four residential plots in Nakheel’s Waterfront development, the largest waterfront development in the world, which will add more than 70 kilometers to Dubai’s coastline.

Al Mazaya Holding is also developing 9 plots in Downtown Jebel Ali, which occupy two quarters of the entire development. The company is planning to build a commercial tower in quarter one, and 8 other buildings in quarter four. The first building comprises 30 storeys. It serves the commercial sector and includes 6 parking levels, while the other 8 buildings will serve the residential, office and retail sectors. Designed with the emphasis on urban spaces, there is ample room between buildings, with parks, walkways and pedestrian areas. Each quarter is a self sustained neighbourhood, and ranks among Al Mazaya’s top developments.

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Saturday, September 20- 2008 @ 12:33 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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