Kuwait-based Al Mazaya Holding PJSC, a property developer listed on the Dubai and Kuwaiti bourses, is planning to launch two high-end residential projects in the UAE. “We are planning to soon launch one luxury residential project each in Dubai and Abu Dhabi,” said Khaled Mahmoud Abdulatif, acting CEO-Dubai Office Operations. The costs of the two projects were not disclosed.
The Abu Dhabi project is likely to come up on land it owns in Al Reem Island, while negotiations are on to acquire land in Dubai, though it owns land in Waterfront, a master development by Nakheel, which is on hold. Abdulatif said the company was looking at a couple of other real estate opportunities that it would launch either on its own or through joint ventures. In 2008, Al Mazaya launched Morina Residence, a 29-storey residential tower with townhouses, on Shams Abu Dhabi on Al Reem Island. The project was put on hold following the global financial crisis. In April 2014, Rashid Al Nafisi, Chairman of Al Mazaya Holding, announced that they were reworking on the Abu Dhabi project. In February 2015, the developer launched Ritim Istanbul, a six-tower residential and office project featuring recreational spaces and a shopping mall, in joint venture with Turkish property developer Dumankaya Construction. In July 2015, the developer, in a press statement, said net profit for first half of 2015 rose to AED49.65 million ($13.53 million), an increase of 32.1 per cent over the figure in the corresponding period last year. The company has invested AED6 billion ($1.63 billion) in Dubai real estate sector with its project portfolio comprising Al Mazaya Towers in Jumeirah Lakes Towers, the Villa Project in Dubailand and SkyGardens in Dubai International Financial Centre.
