Al Mazaya to diversify investment portfolio

11/05/2015 01:34 AST

Al Mazaya Holdings will focus on Dubai, Muscat, Istanbul as it looks to develop its real estate portfolio, board chairman Rashid Al Nafisi said at a press conference in Kuwait on Sunday to promote the company's latest projects.

Al Nafisi said the cities offered the optimal blend of commercial opportunities, strong economic conditions and thriving tourist industries to make them highly attractive as destinations for long-term investment.

In recent months, Al Mazaya Holdings has announced the Ritim commercial and residential development in Istanbul, the predominantly residential Queue Line and Queue Point projects in Dubai and the Al Mazaya Residence development in Muscat.

Al Nafisi said: "We are excited by the opportunities we see to deliver long-term residential and commercial projects in Muscat, Istanbul and Dubai, and we continue to work with municipal planners and governments to unlock mutually beneficial investment opportunities."

"In each city, our far-reaching feasibility studies indicate the conditions are right for overseas investment and for building developments that offer end-users exceptional quality and outstanding value," Al Nafisi added.

"Al Mazaya has established a reputation throughout the region for delivering first class developments to deadline, and we look forward to continuing to embrace the latest technologies and expertise to bring to market the very best developments, in Muscat, Istanbul and Dubai.

Al Mazaya group CEO Eng. Ibrahim Al-Soqa'bi said: "Al Mazaya is proactively seeking to dynamically expand its real estate investment footprint, constantly evaluating opportunities in a wide range of Gulf and Middle East countries.

"Today, we are proud of the work we have undertaken in Muscat, Istanbul and Dubai - cities famous throughout the world not only as centres of civilisation and culture, but as thriving economic hubs." "Al-Mazaya Residence Project in Muscat is a 23,194 square meter development consisting of 270 residential apartments. The development offers a totally integrated residential experience and we will shortly offer to market the first phase 150 apartments."

"In Istanbul, we work closely with our partners Dumankaya Real Estate Turkey to deliver Ritim Istanbul, a six tower commercial and residential development, including entertainment centres and parks, located close to the Bosphorus bridge, connecting Europe and Asia."

"Today the project is more than seventy per cent complete, and we have seen 50 per cent sales in Turkey. We will shortly invite investment from GCC countries, in response to significant demand. We expect to deliver all Ritim Istanbul residential apartments by the end of 2016."

"In Dubai, Al-Mazaya has launched the Queue Point and Queue Line developments in Dubai Land, seeking to meeting demand for affordable high quality accommodation for middle class individuals and families. The developments offer 3,131 apartments, of which 75 per cent are completed and 80 per cent sold."

Present at the press conference, held on the sidelines of the promotional Mazaya May Fair, were senior Al Mazaya Holdings executives and investors.

The Gulf Today