Press Release

For immediate release: Kuwait, 03 April 2011

Mazaya Towers, the flagship project of regional developer Al Mazaya Holding in Kuwait Business Town and one of the largest office properties in Kuwait, has received its electricity connection, on the heels of the announcement that the project is available for lease. Al Mazaya is currently busy finalising the commissioning of the Tower with the main contractor, First United. The project will be handed over to Al Mazaya within two months of the completion of this phase. Speaking on the occasion, Eng. Badr Al Rquobah, Assistant Vice President for Projects in Al Mazaya Holding, said, “Al Mazaya has completed all the paperwork required to connect electricity to the Mazaya Towers project after receiving approval from the Kuwait Municipality and the Ministry of Electricity. Extra effort and time were required due to the large number of applications filed during the recent construction boom, but Al Mazaya has prepared an operational plan in line with the electricity connection to enable tenants to enter their units and commence decoration and interior design of their offices”. Eng. Al Rquobah hailed the Board’s decision to relocate Al Mazaya’s headquarters to Mazaya Towers, saying this will help the company better manage the towers and also cut its rental expenses. He said that Al Mazaya managed to get approval from the Board of Kuwait Municipality that will build a multi-storey parking facility on a 4,000-square meter government plot situated in the heart of the project. This will make the property more attractive and competitive due to the increasing parking crisis being experienced in the capital’s downtown area where Mazaya Towers are situated. Eng. Al Rquobah said that Mazaya Towers has become a destination of choice for firms and investors due to the smart technology and modern equipment provided, adding that Al Mazaya has signed a number of leasing contracts with renowned firms and large brands in the Arab business world. “Despite the crisis that hit the global and regional markets, our belief in the importance of income-generating projects such as Mazaya Towers has been strengthened, particularly because these types of projects may generate satisfactory revenues. In light of the demand we witnessed with our recent income-generating projects, which have continued to achieve success despite the crisis, we expect similar success for our project in Kuwait Business Town. Despite the increasing supply in the Kuwaiti office space market, which has reduced rent, investors still prefer high-quality projects in terms of location, finishes, services and management, and this is exactly what Al Mazaya aims to provide in all its projects,” he added. “We expect an increase in the demand for office space in Kuwait during the coming period, particularly with the green light given to the KD30 billion growth plan launched by the Kuwaiti government for the next four years,” Eng. Al Rquobah continued. “This plan, which aims to reduce the country’s reliance on oil revenues and enhance private sector involvement, will certainly create opportunities for local and international firms to take part in the multi-billion Kuwaiti Dinar growth plan. These firms will seek offices for their operations in Kuwait and, as such, will help increase demand for office space. The new plan will attract more investment to Kuwait and will boost private sector involvement in government projects. This is a positive factor and one of the main drivers for economic and real estate activities.” Mazaya Towers are strategically situated in the heart of Kuwait Business Town on Mekab- Al Motanabi Road, in Kuwait’s main business district. The KD30 million project consists of various high-tech, fully-equipped smart offices, and facilities include state-of-the-art conference halls equipped with modern technology, high-level security systems, modern interiors, parking for residents and visitors, high-speed elevators and a cafeteria. Al Mazaya will also provide additional services, such as round-the-clock security, cleaning services, and regular maintenance, among others. Mazaya Towers also offer state-of-the-art communication and IT networks that support all types of applications, including sound, data and video, for the commercial compound’s tenants and visitors. Tenants and visitors will be provided with convergent networks and a broad range of IT services, including wired and wireless internet services, digital advertisements, telephone calls, security, and data centre services.