Kuwait Real Estate News
Al Mazaya signs deal to acquire First Dubai Real Estate
Al Mazaya Holding Company has entered into an agreement with Al Shall Consulting Company for carrying on consultancy services to acquire First Dubai Real Estate.
The agreement also includes monitoring of procedures in the acquisition process and ends with either completion of acquisition process or refusal. This move by Al Mazaya is the next step to take-over the reminder of First Dubai shares, in which Al Mazaya owns 67 percent stake.
Al Shall Consulting will do a complete analysis of Al Mazaya and First Dubai within 8 weeks.
The Executive Vice-President at Al Mazaya, Salwa Malhas, said that the acquisition process is a vital step made for the benefit of the company. Apart from increasing the company’s capital and maximizing profits for shareholders, it also increases productivity to develop projects with highest standards and will improve workers skill and productivity.
Al Mazaya Holding is one of the leading property development companies in Middle East. Headquartered in Kuwait, Al Mazaya is a joint-stock company with KD45.5million capital and is listed on the Kuwait and Dubai Financial Markets. Al Mazaya has several products and real estate services in commercial and residential sectors on the offer.
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