Kuwait Real Estate News
Al Mazaya witnesses increase in profit
Al Mazaya Chairman, Rashid Yaqoub Al Nafisi, said the company has begun handing over projects last year, and implementing new projects in Kuwait and Dubai.
Al Mazaya Holding has announced its net profit to be KD11.84million (Dh.154.2m), a 54 percent increase during the first half of 2007 when compared to the previous year.
The new projects include the Kuwait Business Town, Al Jumeirah Lakes Towers in Dubai and 7 Zones properties. These projects are expected to add up to total profits of the company in the next eighteen months.
The Kuwait Business Town project aims in creating a business community in Kuwait city in line with mini cities of Qatar and Dubai, though on a smaller scale. It will comprise 11,000 Sq. Ft of space in a prime location with nine luxurious office towers, shopping malls, and new luxury hotels. The paid-up capital of Kuwait Business City is KD52million.
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