Kuwait's Al-Mazaya to expand in UAE, Bahrain

21 September 2008
Kuwait’s Al-Mazaya Holding is to expand its presence in the region with the launch of two further companies in the GCC.

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).

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