Mada'in outlines strategy on realty

DUBAI — Mada'in Real Estate Company (Mada'in) yesterday outlined key details of its diversified business strategy for real estate investment and development in the UAE and other Gulf markets.

By Moushumi Das Chaudhury

Published: Mon 26 Jun 2006, 10:43 AM

Last updated: Sat 4 Apr 2015, 1:12 PM

With a start-up capital of Dh500million, Madai'n's shareholders include the UAE-based trading and engineering services group Ahmed Ramadan Juma Group (ARJ), Gulf Investment House (GIH), one of the region's leading financial services companies, and other Gulf investors.

Ahmed Ramadan Juma, chairman of Mada'in's founding committee, said at a Press conference held after the company's first general assembly: "Mada'in Real Estate Company will be involved in the development, ownership and operation in real estate projects and commercial buildings on a large scale. It will operate across the entire value chain of the property sector and will draw on the Gulf region's leading real estate expertise through a series of strategic partnerships.”

"At today's assembly, the founding committee formally announced the company's establishment, the approval of the company's auditors and the ratification of the founders' report on the incorporation process and incurred expenses," he added. Mada'in will initially invest in and develop property in Dubai and Abu Dhabi. Future projects will see Mada'in assess opportunities for development and investment throughout the UAE and the Gulf region.

“Through the support and strength of our numerous Gulf investors, Mada'in will be able to engage in diversified real estate businesses, including investment, trade, property development and management, as well as real estate brokerage and auctions,” Juma added.

Faisal Al Khazam, chairman of GIH and member of Mada'in's board of directors, said: "Mada'in's business strategy focuses on forming strategic partnerships with companies in Kuwait, Saudi Arabia and Bahrain."