Kuwait Real Estate News
Al Mazaya invests $7.8billion on GCC projects
The total volume of investments of the Kuwait-based shareholding company, Al MAzaya Holding has reached above $7billion in GCC. The soaring oil prices is believed to be the main factor behind such huge investment.
The investment portfolio of the company includes Saudi Arabia, Bahrain, Qatar, UAE and Oman. The Chairman of Al Mazaya, Rashid Al NAfisi, said that despite being a Kuwait-based shareholding company, Al Mazaya has found its position in the GCC economic map.
The company has developed several properties in GCC countries with an investment of $7.8bn by appointing qualified professionals in Dubai and Kuwait, and is now eyeing new GCC destinations. Al Mazaya has acquired a land worth SR125mn in the Al-Ahsa region of Saudi Arabia, for development of residential villa complex. Currently the infrastructure works are in progress, and thereafter the construction of residential units will follow. The project is scheduled for completion with in 3 years.
In Qatar, Al Mazaya has planned to establish a new company, Mazaya Qatar, with a capital of QR500mn, and currently Al Mazaya is in the process of appointing qualified staff to commence its investment in Qatar towards next December.
In Bahrain, Al Mazaya has begun developing a new project “7 zones” worth BD38mn in Bahrain Financial Harbour. Making a good entry into the Bahrain realty market through this project, Al Mazaya has explored various investment opportunities in Booming realty market of Bahrain. The “7 zones” project is an all-in-one construction and design materials city, catering to the requirements of tenants, investors, designers and individuals.
In Oman, Al Mazaya has joined hands with “Oman Construction” to share their real estate investment portfolio in Oman, by investing a capital of OMR3.1mn. Al Mazaya will manage the development projects in their portfolio. An integrated project “sahar” comprising 73 villas, is already in the process of development.
Dubai is Al Mazaya’s most successful investment destinations, wherein the company has acquired a plot of 1500 meters on Sheikh Zayed Road as commercial space. The company has invested in another 10 plots in Jebel Ali Downtown. Total investment of the company in Dubai realty market is $5bn, and the company plans to continue its success story.
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