Al Mazaya expands presence with AED 180million acquisition deal

From: Promax Middle East
Published: Sun Nov 27 2005

Dubai, November 27, 2005 - The chairman of Al Mazaya Holding Company, Mr. Rasheed Al Nafeesi announced that one of its subsidiaries, Al Mazaya Real Estate Co. FZ L.L.C., has recently acquired three Dubai-based real estate companies. The total value of the deal reached AED 180 million.

Al Nafeesi added that Al Mazaya has studied the position of the Dubai real estate market very closely, as its aim is to capture any investment opportunity, mainly because the local real estate market has gotten saturated with various projects. Through this acquisition, Al Mazaya now owns three plots of land in Jumeirah Lake Towers on Sheikh Zayed Road.

Commenting on this deal, Al Nafeesi said: "The aim of the company from the acquisition of these projects is to develop a business center that consists of three towers, 60 floors each. We plan to utilize this space for commercial offices, which are in high demand in Dubai because of the phenomenal growth faced by the city."

He noted also that the strategy adopted by Al Mazaya in this regard is focused upon the development of new projects that are based on a well studied approach of supply and demand.

Regarding Al Mazaya’s investment strategy for this project, Al Nafeesi clarified that his company has put its own marketing plan for the project during the various stages starting from the end of design stage up to its completion.

"Al Mazaya has assigned an international engineering office to prepare the plans of the project design. The work is expected to commence within six months from now," Al Nafeesi concluded.

Jumeirah Lake Towers is in close proximity to Jumeirah Islands and Dubai Marina. Jumeirah Lake Towers is a community of high-rise towers, both residential and commercial, with picturesque lake views. Most of the projects at Jumeirah Lake Towers are expected to be complete by end of 2007.

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Company: Promax Middle East
Contact Name: Tariq Al-Sharabi
Contact Email:
Contact Phone: +971 4 282 6411

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