A 1.250 billion dirham contract was recently signed for the purchase of 30 housing and commercial units in the emirate of Dubai by the Kuwaiti Al-Mazaya holding company.
The new deal aims to develop comprehensive residential and commercial areas which will be offered in the near future as residential and commercial units, according to statements by Al-Mazaya's Board Chairman Rasheed Al-Nefisi, reported KUNA. Al Nefsi added that the company plans to develop parts of the area and to bring them into the company's assets as a long term investment.
The chairman also specified that the proposed development will be located at the crossroad of Al-Emarat Street and Al-Ain street.
Speaking about the Al-Liwan project, Al Nefsi said that the main developer would be the Mazn company, currently working on the project infrastructure and main utilities. He added that the company designed the project along the lines of the design of the city of San Francisco, California, and that residential and commercial units will vary between five-story and 15-story buildings appropriately priced.
The project is expected to be completed by December 2006.
Al Mazaya Holding, whose main activities include real estate management, development and investment; purchase, sale, lease and rent; investment in financial portfolios, was established in 1998, and later listed on the Kuwait Stock Exchange and the Dubai Financial Market.
