Al Mazaya invests AED 3 billion in Mizin's Liwan

The Kuwaiti developer has agreed to purchase land at the Liwan residential project from Mizin, a real-estate development company and a member of Tatweer.

The MoU was signed by Sami Al Hashimi, CEO of Mizin, Rashid Yaqoub Al-Nafisi, Chairman of Al Mazaya Real Estate Development Company, and Khalid Saeed Esbaita, CEO of Al Mazaya Real Estate Development Company.

"The real estate industry is booming within the GCC," said Rashid Yaqoub Al-Nafisi, Chairman of Mazaya. "Partnership between companies such as Al Mazaya real estate development and Mizin will raise the bar of development to yet another level."

Al Mazaya, a listed company with a paid up capital of approximately 30 million Kuwaiti Dinars, (US$100 million), plans to develop a residential project with a commercial element as part of the Liwan scheme.

"All our investors have a strong track record here at Mizin," said Sami Al Hashimi, CEO of Mizin. "Al Mazaya Real Estate Development Company is a developer with a great deal of experience and has a number of successful projects reflecting high global standards."
Al Mazaya is currently working on a number of developments in Dubailand and Dubai Healthcare City, members of Tatweer.

Formed in 1998 Al Mazaya has experienced rapid growth since entering the real-estate market in 2002. The company is currently involved in many high profile projects in Kuwait and Dubai, as well as many projects in the pipeline across the GCC, Lebanon and Kuwait.

In February 2006, Al Mazaya successfully listed on the Dubai Financial Market, reporting an impressive net profit of USD 48 million for the fiscal year ending December 2005, up 113% over the same period last year.