Al Mazaya to significantly expand its reach across the neighboring GCC countries with an investment of $7.8bn

Commenting on this economic boom, Rashid Al Nafisi, Al Mazaya Holding Chairman said: 'The GCC economy is still in the first 30% of its economic growth potential, as this economic boom is expected to keep on an upward trajectory till 2015, driven by current forces, but with some challenges from inflation and political issues'.

Al Nafisi affirmed that Al Mazaya has position itself on the GCC economic map; despite being a Kuwait- based shareholding company. The company has developed property development in GCC countries with an investment of $7.8bn and has appointed highly qualified, professional and knowledgeable personnel in both Dubai and Kuwait, and is now eyeing new GCC targets.

In KSA, Al Mazaya Holding has acquired a SR125m plot of land in Al-Ahsa region, a joint venture with Kuwaiti- Saudi companies, to develop a residential villa complex. This project has come after the feasibility studies conducted by the company on this region revealed that there is a huge shortage of residential units in the Eastern Region of the KSA, a situation that requires the development of residential projects to meet this increasing demand.

Updating the latest developments in this project, Al Nafisi said that the infrastructure works are progressing now, to be followed by the actual building of the residential units. The project is set for completion within 3 years.

In Qatar, Al Nafisi clarified that the IPO of Mazaya Qatar, a new company to be established with a capital of QR500m, was closed five times oversubscribed. Al Mazaya is preparing to appoint qualified staff to commence its investment in Qatar by next December.

Al Mazaya has studied the feasibility of several investment opportunities in Qatar's buoyant market. Mazaya Qatar will acquire plots of land for commence for its investment in a country where the real estate sector has an economic growth that is on a par with the oil and gas sectors.

In Bahrain, Al Mazaya begun developing its new BD38m project, the '7 Zones', situated in Bahrain Financial Harbour (BFH). The company has explored several investment opportunities in the booming Bahraini real estate market, with the '7 Zones' is expected to be the firm's launching point into the Bahraini market. The company has registered the trademark of '7 Zones' as an exclusive brand for Al Mazaya. The project is an all-in-one construction and design materials city that caters to the needs of investors, individual, designers and tenants.

In Oman, Al Mazaya Holding has joined forces with 'Oman Construction' to share in a real estate investment portfolio in Oman with a capital of OMR3.1m, whereas Al Mazaya will manage the development projects in this portfolio. The company has commenced developing an integrated residential project in 'Sahar' that will include 73 villas with different designs and sizes. Al Mazaya will launch the project in the Omani market during the coming weeks.

Dubai is one of the most successful investment destinations for Al Mazaya, as its economic boom continues unabated. Al Mazaya is evaluating its success in Dubai's property market, and is striving to increase its investments in Dubai, following the recent and astounding results achieved by the emirate. Al Nafisi said: 'Al Mazaya has acquired a 1500 meter plot of land on Sheikh Zayed Road to be designated to office space, and we have invested in 10 plots in Jebel Ali Downtown. Currently Al Mazaya has an investment portfolio of $5bn in Dubai market.'