Al Mazaya's profitable projects to be launched next February

Al Mazaya noted that companies adopt expansion plans, on all levels, during economic welfare, whether expanding staff, projects, offices, and so on, but that companies are also more inclined to adopt 'deflative' strategies during recessive times. That being said, Al Mazaya sees that the best course of action is to delay expansion plans and to focus on completing current projects, which reflects the company's commitment to delivering the projects to owners on schedule and with the best quality standards.

On the subject, Eng. Khalid Esbaitah, Managing Director and CEO at Al Mazaya Holding, said:

"We are going forward with the development our current projects as we are committed to our clients and investors. Al Mazaya has proven that the strategy adopted over the past few years has been a sound one; the company has healthy capital, with no loans or financial obligations, and is going onward with developing its current projects, some of which have reached the final phases of development, and will be delivered to owners in a short period of time."

Esbaitah mentioned that their portfolio of near-completed projects includes Sky Gardens and Jumeriah Lake Towers, which were completely sold out. In addition, 60% of Business Avenue Project has been completed, while digging works in Queue Point project, located in Al Liwan, which is comprised of 22 districts, is also complete 90% of these districts were sold.

About Al Mazaya's policy to establish profitable developments for the long term, Esbaitah said, "We will continue to establish Al Mazaya's profitable projects, of which the first fruits will be 7 Zones, located at Shuwaikh. The company should start seeing returns as early as February 2009, when the project will be 100% complete".

"One of the important steps for Al Mazaya is for the company's profitable projects to be completed, and to achieve the goals set for these projects. For Al Mazaya, its strategy has always been to launch profitable projects with big returns for the company and its shareholders, on the short and long terms," he added.

Al Mazaya has finished all works on the 7 Zones project, one of Al Mazaya's most profitable projects, which are located in Al Shuwaikh Industrial Area, one of the most popular areas in Kuwait due to its close proximity to the Capital of Kuwait, Al Shuwaikh Port and the Free Trade District. 7 Zones is the first project of its kind in the Middle East, showcasing a portfolio of the most brilliant trademarks renowned for their all-in-one constructional services. Before its launch, booked areas at 7 Zones were at 80%. Al Mazaya has registered 7 Zones as a registered trademark for the company, and plans to spread this trademark all over the Gulf.

Esbaitah added, "Projects such as this gives consumers in Kuwait much flexibility and freedom in choosing the construction material they want, and to develop construction material manually. This is the same principle as Cash-and-Carry, which is applied in similar European projects. 7 Zones is one of the most important all-in-one projects, and presents a wide array of international trademarks to all the classes of society."

Esbaitah said that 7 Zones will be ideal for big manufacturing firms, importers and exporters. It will operate on a special lease system that will consider the applied market prices. The project will also give way for Al Mazaya to invest in galleries, offices and commercial stores in this industrial area. Through the project, Al Mazaya has filled a gap in the sector with full services and amenities, from a parking garage to gathering the biggest possible amount of construction materials, contractors, offices, galleries and stores, all in one place."

The name for 7 Zones was coined to point out the seven divisions related to all-in-one projects, including flooring supplies, water works, furniture, construction materials, electronic appliances, paints and lighting. The center will also house a department for décor and interior design, as well as offices for contractors and architectural investors, in order to service target markets.

The fully equipped modern design center's location in Al Shuwaikh Industrial Area will ensure high attraction to the products at the center, and will give exhibitors additional strategic and logistical features. Al Shuwaikh Industrial Area is one of the distinguished non-petroleum, transformational manufacturing centers in Kuwait, as well as being an important logistic center for storing goods. Since 1985, Al Shuwaikh Industrial Area has seen enormous growth in the retail sector.