The firm is to launch companies in Ajman, in the UAE and Bahrain.

It is the latest in a series of expansion moves. Al-Mazaya recently launched two further companies, in Saudi Arabia and Qatar. In June, the firm established the Sharia’a compliant real estate development company, Al-Mazaya KSA, with a paid up capital of SR2.5bn ($666m).

In January this year, Al-Mazaya Qatar was set up.

Within the UAE, the firm has acquired four residential plots in Nakheel’s Waterfront and a further nine plots at Downtown Jebel Ali.

Al-Mazaya’s proposed island project, to be constructed on reclaimed land in Kuwait Bay, is on hold while the developer awaits approval from the Prime Minister, Sheikh Nasser al-Mohammed al-Ahmed al-Sabah (MEED 17:03:08).