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Dubai: Developer Al Mazaya has announced that it will diversify into the GCC's booming investment market, boosting the company's portfolio to more than $40 billion (Dh146.8 billion).
According to officials, the company will open offices in Ajman and Bahrain.
"Following the establishment of Mazaya Qatar and Mazaya Saudi, the company is gearing up to establish two new companies in Ajman and Bahrain and to launch several more, new, projects," said Khalid Esbaitah, deputy chairman and chief executive of Al Mazaya Holding. "Our expansion into different parts of the region has resulted in a portfolio of projects with a total value of over $40 billion," said Esbaitah.
Al Mazaya is set to construct several more projects, which are currently in the planning stages. These developments include the 28-storey office tower in Downtown Jebel Ali and the 60-storey Al Mazaya Tower on Shaikh Zayed Road spread over 630,000 square feet of land and due for completion in December 2010.
"The real estate markets in Dubai and the general region have seen a slight slow down during the summer holiday season and Ramadan. However, Cityscape Dubai will almost certainly serve as the catalyst for a promising new chapter in the region's real estate activities," said Esbaitah.
Al Mazaya has set up new subsidiary companies to support its initiatives. One prominent subsidiary is the DIFC-based Mazaya Investments, which has now obtained all the necessary licences in order to start operations, including managing investment and real estate funds and portfolios.
The company is also developing nine plots in Downtown Jebel Ali, including a 30-storey commercial tower and eight other residential, office and retail sectors.
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