Kuwait's Al Mazaya set for Dubai expansion

Kuwaiti property developer Al Mazaya Holding will start construction on four apartment complexes in Dubai in the first quarter of 2015, a company executive said on Sunday.

''This is pure residential... Each development will be a ground plus nine floors,'' said Salwa Malhas, Chief Business Development & Marketing Officer, in an interview at the property show Cityscape Global in Dubai.

The project is in Liwan, alongside the Dubai-Al Ain road near Silicon Oasis, and will take two years to finish with the apartments to be delivered in the first quarter of 2017.

Malhas' comments confirm statements from the company earlier this year saying that it wanted to move onto phase two after the start of its Q-Point project in Liwan.

Malhas said the buildings will be affordable housing with the aim of attracting Sharjah residents who left Dubai because of soaring property prices back to the emirate.

Malhas declined to state the size of investment of the project but said Al Mazaya will fund it with existing capital following the company's first half results of 3.1 million Kuwaiti dinars (Dh39.6 million), a 631 per cent year-on-year profit growth.

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Source: Alexander Cornwell, Staff Reporter, gulfnews.com


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