DUBAI // Al Mazaya Holding, a Kuwait-based property development firm, is to set up three new subsidiaries to diversify its revenue base and tap into a growing regional investment capital market. A new unit called Mazaya Investments will be based in the Dubai International Financial Centre, and will manage funds and portfolios on behalf of other investors. "Our geographical expansion into different parts of the region has resulted in a portfolio of projects with a total value of over US$40 billion (Dh146bn)," said Khalid Esbaitah, the deputy chairman and chief executive of Al Mazaya Holding.
Two other entities will also be set up, one in Ajman and the other in Bahrain, to manage property developments in those regions. The new units follow on the recent establishment of subsidiaries in Qatar and Saudi Arabia. The firm, which is listed on the Kuwait and Dubai stock exchanges, is developing the 60-storey Al Mazaya Tower on Dubai's Sheikh Zayed Road, which is scheduled for completion in Dec 2010.
It also has four residential plots in Nakheel's Waterfront development, the largest of its kind in the world and that would add more than 70 kilometres to Dubai's coastline. Nine plots in Downtown Jebel Ali are also being developed. email@example.com