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Al Mazaya, Global acquires 50pc shares of Kuwait firm

DUBAI — Al Mazaya Holding Company and Global Investment House (Global) announced the acquisition of more than 50 per cent of First Dubai Real Estate Development K. S. C., at a Press conference held at the Kuwait Stock Exchange yesterday.

First Dubai Real Estate Development KSC has a capital of KD20 million (Dh240 million) and will be listed in the Kuwait Exchange Market very soon.

Omar Al Quqa the Vice-Chairman of Global Investment House, Al Mazaya Holding's Chairman Rasheed Al Nafisi's and Al Mazaya's Managing Director and CEO Eng. Khalid Esbaitah, attended the conference.

Al Mazaya Holding Company has requested both the Kuwait Stock Exchange and Dubai Financial Market to hold the transactions of its shares to preserve the shareholders' rights for the two companies.

Al Mazaya's Managing Director and CEO Eng. Khalid Esbaitah said that the acquisition of First Dubai Real Estate Development K. S. C. has come after a comprehensive study for the joint benefits of both parties. In addition, Al Mazaya plays a drastic role as the development manager of a huge project run by First Dubai Real Estate Development K. S. C. of around KD50 million (Dh600 million) — a residential tower in Dubai International Financial Centre.

The development is considered one of the biggest icon projects in Dubai as it is located in the heart of the financial center of Dubai and will host international financial market players.

The company expects the project to lure the attention of development banks and financial institutions.

"The acquisition of this project is a great step that will support the company's status on the map of giant companies in Dubai and Kuwait. This is the sign of a new development era where the company will benefit through various aspects. Financially, studies expect that the shareholders of Al Mazaya and First Dubai Real Estate Development K. S. C. will enjoy huge returns, as Al Mazaya is going to employ its technical, engineering and development experience to leverage new developments and opportunities, as well as it has huge record of successes in Dubai and Kuwait markets," Esbaitah said.