Press Release

In keeping with the completion of all its projects in Dubai, and after the finishing of 104 villas of The Villa project during the second half of 2009, Al Mazaya Holding is continuing with the construction and development works of the second phase of the project. The company’s strategy will also see the finalizing of Al Mazaya Business Avenue in the third quarter of 2010. The works in Al Mazaya’s projects comes at a time of global recovery as witnessed by various economic sectors in the world, which has resulted in elevated oil prices and reduced wavering of stock exchanges. The GCC region has also seen a gradual recovery – this includes the Dubai property market, which witnessed relative stability in transactions concerning residential and commercial plots during the last quarter of 2009 with relatively high buy-sell activities becoming evident due to signs of economic rejuvenation and the recovery of mortgage rates offered by capital institutions. Located at Dubai Land, The Villa project is comprised of 520 residential villas with modern designs catering to the needs of citizens, residents, businessmen, investors, etc. The first phase of project, which included 104 villas, has already been completed, while construction and development of phase two is, which includes 110 villas, is going on, while the overall completion rate for the remaining 306 villas (phase three) currently amounts to 70%. In addition, Al Mazaya has completed approximately 85% of the construction works for Mazaya Business Avenue, with the completion of the interior also going according to plan. Al Mazaya plans to finish the project, which consists of three towers with 44 floors each at a total cost of AED 1.25 billion, during the third quarter of 2010. Fathi Damiri, Senior Vice President at Mazaya Project Management Dubai, says of the progress made at The Villa: “Development works on Al Mazaya Dubai projects are progressing well. In accordance with the project’s standards and spirit, inspired by the Santa Victoria architectural system, and the standards set by our main developer, Dubai Real Estate Co., the design features different villa sizes to cater to the needs of a wide range of individuals seeking a home or an investment. Today the project has become a classy residential environment surrounded by beautiful lush scenery and creative designs for every taste.” When asked about the Mazaya Business Avenue project, Damiri commented: “These towers are an integral system offering a different array of high quality services for investors, wholesale and retail traders and businessmen; from the project’s strategic location on Jumeirah Lakes and Sheikh Zayed Road, its proximity to Dubai Media City and Knowledge Village, to high quality construction standards, state-of-the-art communication systems, surveillance and security services, business centers, conference halls, retail outlets, and more.” The Villa residential project is located in Dubai, on Ein Road at Exit 18. The AED 1 billion project is a fascinating residential development containing lush gardens, recreational areas, mosques, health clubs and other amenities and facilities. In keeping with the vision to maintain interior and exterior designs with the highest international standards, world renowned designer, Perla Litchi, designed the interiors for the project, with Al Mazaya decorating each villa with stunning furnishings. Business Avenue is located at Jumeirah Lakes and consists of 3 commercial towers catering to the needs of the office sector. Two of Mazaya Business Avenue’s towers were been sold in 2007, while the third tower will be kept by Al Mazaya as a long-term investment. It will be managed based on a lease system as one of the company’s profitable assets in Dubai. The economic feasibility of both projects were thoroughly studied according to cash flow schedules, with the projects being developed through collected sale earnings, leaving out the need to use the company’s own resources.