Mazaya completes AED $220 million deal for its Business Avenue Development

After a series of remarkable achievements and successes in the region's property market, which include the recent launch of Al Mazaya Real Estate Index, the region's first property index, Al Mazaya Real Estate Co., announced the complete selling of two towers out of the three tower project "Al Mazaya Business Avenue," in Dubai.

"Al Mazaya Business Avenue" includes three 44 storey high towers designated for commercial use, at a cost of $ 340 million cost. The two towers were sold for $ 220 million, where Hilal Al Zarooni Group and Dynasty Enterprises bought the first one for $ 111 million, while Hilal al Zarooni and BARAQ Group bought the second for $ 109 million.

"Al Mazaya Business Avenue" takes advantage of its strategic location at the Jumeirah Lakes and Sheikh Zayed Road, where it offers stunning views of the lakes. Furthermore the towers were designed to incorporate the latest in smart technology and communications, as part of an integrated system that provides the highest level of state of the art services. It is expected that the project will be completed by the end of 2009.

"The agreements signed today are the first fruits of the ambitions we have had for this project. From the outset we have been receiving a great deal of interest from perspective clients, right up until we had eventually awarded the contracts to Hilal Al Zarooni Group, Dynasty Enterprises and Al Baraq Group", said Khalid Esbaitah, Managing Director and CEO, Al Mazaya Holding.

"We are looking to keep the third tower of the project as a long term investment, where we intend to manage it through a rental system, allowing it to be an asset that brings income to our firm in Dubai. The economic feasibility of these projects has been examined in accordance with the rules of financial flow. These towers will benefit Al Mazaya significantly from the revenue it will generate and be completed without diminishing the firm's resources." he added.

The Hilal Al Zarooni Group is a diverse organization that spans across the real estate sector, jewelry and fashion industry. The firm has more than forty years of experience in the real estate sector and achieved a number of successes that has made it one of the leaders in its field.

Dynasty Enterprises founded in 2004 is already one of the most active firms in the real estate sector and despite being young has grown extensively within a short time. During 2006 the firm managed to sell over AED 1.5 billion worth of property.

The BARAQ Group has extensive experience in the finance and construction sector within the United Arab Emirates. The group has made a formidable presence in the industry especially during its cooperation with the HAN Group.