First Dubai prepares to execute large development plan

First Dubai intends to raise its capital even further, to KD100m, within the first week of October.

Speaking on the subject, Vice Chairman, Khalid Esbaitah, said:

"First Dubai is a successful example for one of Al Mazaya Holding's investments. The company has achieved remarkable results in record time, including the execution of one of two of Dubai's landmark projects - the Sky Gardens at Dubai International Financial Center; which was sold at a profit of KD70m, and the Marina Project located at Shams Abu Dhabi on Al Reem Island, in addition to an investment portfolio that includes such projects as The Villa, Queue Point at Al Liwan, and Dubai Residential Complex."

"First Dubai has increased its capital assets in order to expand its base of operation, including the taking over of the Waterfront Company. This move is an inevitable product of the Al Mazaya Holding's awareness and understanding of the UAE market and its utilization in full of all available opportunities. The objective in taking over the Waterfront Company is to combining human and financial resources in order to ensure flawless execution of this project adding to the momentum of Al Mazaya Holdings and its various subsidiaries' successes in the market thus far," Esbaitah said.

"Al Mazaya has earned a good reputation among its investors, who have contributed eagerly to the increase of our capital assets, which was done in record time," he added.

Esbaitah said that First Dubai Company's profits for the current year are expected to be exceptional as a result of the firm's rapid and efficient fulfillment of its operational obligations. He went on to say that this trend would more than likely continue over the next five years, as the execution of key projects such as the Waterfront and Shams Abu Dhabi developments offer investors a risk-free investment opportunity, which is expected to yield a 30% return.