MANAMA, 18 November 2007 — The Kuwait-based shareholding company Al-Mazaya said its total volume of investments reached $7.8 billion in GCC amid record oil prices that fueled the unprecedented boom in the realty sector across the region. The company’s investment portfolio includes the projects in Bahrain, Saudi Arabia, Qatar, Oman and UAE.
Rashid Al-Nafisi, Al-Mazaya Holding chairman, said: “The GCC economy is still in the first 30 percent of its economic growth potential as this economic boom is expected to keep an upward trajectory till 2015 driven by current forces, but with some challenges from inflation and political issues.”
The company has developed property development in GCC countries with an investment of $7.8 billion and has appointed highly qualified, professional and knowledgeable personnel in both Dubai and Kuwait, and is now eyeing new GCC targets.
In KSA, Al-Mazaya Holding has acquired a SR125 million plot of land in Al-Ahsa region, a joint venture with Kuwaiti-Saudi companies, to develop a residential villa complex. The feasibility studies conducted by the company on the region revealed that there is a huge shortage of residential units in the Eastern Region of Saudi Arabia, a situation that requires the development of residential projects to meet this increasing demand.
Al-Nafisi said that the infrastructure works are progressing now, to be followed by the actual building of the residential units. The project is set for completion within 3 years.
In Qatar, Al-Nafisi clarified that the IPO of Mazaya Qatar, a new company to be established with a capital of QR500 million, was closed five times oversubscribed. Al-Mazaya is preparing to appoint qualified staff to commence its investment in Qatar by next December.
In Bahrain, Al-Mazaya begun developing its new BD38 million project, the “7 Zones”, situated in Bahrain Financial Harbor (BFH). The company has explored several investment opportunities in the booming Bahraini real estate market, with the “7 Zones” expected to be the firm’s launching point into the Bahraini market. The company has registered the trademark of “7 Zones” as an exclusive brand for Al- Mazaya.
In Oman, Al-Mazaya Holding has joined forces with Oman Construction with a capital of OMR 3.1 million, whereas Al-Mazaya will manage the development projects in this portfolio. The company has started the development of an integrated residential project in Sahar that will include 73 villas in different designs and sizes.