DUBAI, 8 October 2006 — The Kuwait-based Al-Mazaya Real Estate Development Company is to invest AED3 billion in real estate projects in Dubai.
“We have signed an agreement to buy 30 units of the Al-Lewan project in Dubai Land from Mizin and the project cost will reach AED 1.250 billion” said Al-Mazaya Chairman Rashid Yaqoub Al-Nafisi.
The MoU was signed by Sami Al Hashimi, CEO of Mizin, Rashid Yaqoub Al-Nafisi, chairman of Al Mazaya Real Estate Development Company, and Khalid Saeed Esbaita, CEO of Al Mazaya Real Estate Development Company.
Al-Lewan is located near the intersection of the Emirates-Al Ain Road. The project includes residential and commercial buildings with five to 15 floors, featuring attractive and innovative designs.
“All our investors have a strong track record here at Mizin,” said Sami Al-Hashimi, CEO of Mizin. “Al-Mazaya Real Estate Development Company is a developer with a great deal of experience and has a number of successful projects reflecting high global standards.” Al-Mazaya is a listed company with a paid up capital of approximately 30 million Kuwaiti Dinars, ($100 million). It is involved in many high profile projects in Kuwait and Dubai, as well as many projects in the pipeline across the GCC, Lebanon and Kuwait.
Formed in 1998 Al-Mazaya has experienced rapid growth since entering the real-estate market in 2002.
In February 2006, it successfully listed on the Dubai Financial Market, reporting an impressive net profit of $48 million for the fiscal year ending December 2005, up 113 percent over the same period last year.
