Al Mazaya awarded top real estate company by Arabian Business

The award reflects the impact Al Mazaya is having on the Kuwaiti business sector, the economic development of Kuwait and the Gulf region in general.

Al Mazaya's latest accolade is the inevitable result of the success and achievements the firm has made in the development of pioneering real estate projects, which are leaving a distinctive thumb print on the region's property sector. The award recognizes the firm's policy for the development of its projects and its modus operandi - which have contributed to its current leading position today.

At the ceremony hosted by the Arabian Business magazine at Kuwait's Sheraton Hotel was Sheikh Ahmad Al Fahad Al-Ahmad Al-Sabah, Director of the National Security Agency, H.E Mohammad Al Bosairi, Deputy of the National Assembly, Mr. Mohammed al Shayea Chairman of Al Shayea Group, Mr. Walid Akkawi, General Manager of ITP Group, who presented the top real estate company award to Mr. Rashid Al Nafisi, Chairman of Al Mazaya Holding, in the presence of members of the board of directors of the company, Mr. Samir Algherbelli and Mr. Badr Al Ebel in addition to Mr. Abdul Mohsin Al Nafisi, Chairman of First Dubai Real Estate Development Company, Ms. Salwa Malhas, Executive Vice President for Project and Business Development, Mr. Marwan Ass'ad, Executive Vice President for project implementation, Mr. Omar Hajjaj, Executive Vice-President for Administrative and Financial Affairs, and Department Managers Mr. Jassim Al Ghanim and Abdullah Al-Rodan, Mr. Badr Al Rakabah.

The company's cutting edge and unique approach to the market has been characterized by its recent projects and schemes which are impacting the overall progression of the market. The beginning of the year saw Al Mazaya establish the GCC's first ever property index, namely 'Al Mazaya Index', coupled with the establishment of its 'Research Management Department.' Together, the two departments gather and analyze information and statistical data of the region's realty market, where they can assess the performance and health of its property sector, gauging and presenting an accurate and quantifiable representation of the market's progress.

Within the realm of property development, the firm has made a marked success in the development and sale of its 'Business Avenue' project in Dubai that comes with a commercial value of $ 220 million. Most recently, the launch of the Queue Point project in Al Liwan, has sparked much investor interest, as it specifically targets middle and low income users. The development will allow this market segment to own property in one of Dubai's most prime locations in Dubai Land, situated near the Emirates Road. The highly anticipated project provides potential home owners the opportunity to earn property within a fully integrated environment with competitive prices and easy financing methods.

Commenting on the success of Al Mazaya's achievement as the Best Real Estate Company for 2007, Mr. Rashid Al Nafisi, Chairman of Al Mazaya Holding said, "The first three months of 2007 already represent a landmark year for our firm with the design and implementation of three important projects that are making a profound impact on the region's real estate market. We are proud of this recognition and achievement as it illustrates our goal to continually strive for excellence and to not settle for second best."

He added, "Being a company that is listed on the Kuwait Stock Market and Dubai Financial Market proves our credibility and is a reflection of our solid performance thus far. Our reliability and integrity has contributed to our gravitas and helped us forge strategic alliances with the region's most influential realty and investment firms, including Mizin and Tamweel for the creation of Queue Point and our allegiance with the Sahara Group to bring Al Mazaya Index to life.

"God willing, these alliances will be the first of many as time has already proved that such strategic unions not only benefit its concerned parties and the overall progress of the region's real estate sector, but also the Arab world on a whole."

Al Nafisi thanked ITP for its promotion of business development and progress helping the economic boom in the Arab Gulf region.