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The real estate market is undoubtedly one of the most dynamic markets in the global scenario, and Al Mazaya Holding Company ensures that you remain updated about the latest developments and trends in the property market. We invite you to browse through our exhaustive media library to know more about global and regional markets so that you are in a position to make informed decisions when it comes to your property investments.
CEO Middle East Magazine
- We know that Al Mazaya has developed a large portfolio over the years. But, in your opinion, which development stands out? Why?
Al Mazaya has been involved in countless geographically diversified projects in different sectors over the years. In my opinion, each project has its own brand, value and quality – these are aspects that are unique to each project. The recent project in Ritim, however, has managed to combine the 3 aspects in one of the most vibrant real estate markets in the last 10 years, thus creating an unparalleled success for Al Mazaya.
Ritim Istanbul has been the biggest and most recent successful development for AL Mazaya. A USD 400 million collaborative project, it is set on 39,000 square meters of land on the Asian side of Istanbul, with six residential towers and a retail complex that spreads over 22,000 square meters. Although it’s only reaching 95 per cent completion, 80 per cent of the residential units have been sold out. Handovers are currently and gradually taking place.
To develop such a large plot of land into a successful residential and retail establishment took us a little over three years – this, in itself, is a huge success. The high percentage of units already sold indicates strong consumer confidence in Al Mazaya’s developments.
- What is your vision for Al Mazaya in the future / ten years’ time?
We have our sights set on expanding globally to new markets in the USA and Europe. Currently, we are studying these markets closely from various critical points: taxation structures, best financial tools and filtration structures, for example. This is to ensure that any investments in such markets will bring Al Mazaya more success with minimal factors of risk.
Furthermore, Al Mazaya is also continuing its development in the GCC and MENA region where new projects of more than $200 million USD will begin construction in the 3rd Quarter of 2016. Some examples are the Q Series, Al Mazaya Residence in Oman, and new projects in Kuwait city and Dubai that feature mixed properties.
- What challenges do you see for Al Mazaya in the future?
Currently, the global political arena is full of economic and social unrest. Al Mazaya has put in place several insurance measures to ensure that our investments are safe. Our business model is very dynamic – it is flexible and easily amended in response to changing circumstances of the country and economy, thus maintaining financial results.
- What does it take to successfully run a large company like Al Mazaya?
It takes a combination of 5 key factors – a clear vision, determinant mission, a supportive board, a strong team, and analysts and researchers with strong market knowledge.
Market knowledge is key – researching the market, networking, and getting to know the sector you’re working in are major contributors to success, as well as knowing when to invest and re-invest in your business.
Property development is not an easy field to break into. Making sure that the early profits gained from projects are reinvested into future projects is vital; it should never be used to declare personal gain. Getting to know your investors and building a mutually beneficial relationship with them is also a crucial element. This way, you will receive swift, personalised services at competitive rates, thereby benefitting your business.
If you find yourself dedicating “too much time” to work, you are probably on the right track. Seeing a project through to completion takes conscientiousness and (sometimes) round-the-clock work.
- What words of wisdom would you give to up-and-coming executives in the property development field?
Constantly keep up-to-date with regional and global forces – changes occur every minute, every second even. To be successful in this field, surround yourself with people who have the same goal as you: to see your company prosper. To do so, you have to keep your eye on frequently changing forces that can (and often will) impact your projects. By endeavouring to stay on top of these changes, you will progress nicely in your career.
