Press Release

Kuwait- 19 January 2009

Al Mazaya Holding, one of the region’s leading real estate developers, has recently entered into the health care field through its development of the “Clover Clinics” project. Covering an area of 4000 square meters in the Al Jabriya district in Kuwait, the “Clover Clinics” development is comprised of 21 floors, with an additional 7-floor adjacent building specified for “Boutique Clinic” service. Al Mazaya aims to develop “Clover” as a trademark that may be used throughout the Gulf region.

Al Mazaya’s move to invest in the health care industry comes as an effort by the company to increase and diversify its portfolio of investments and to strengthen its position in the Kuwaiti market. A study by the Research Management Department at Al Mazaya Holding Co. showed that the Kuwaiti Market lacks specialized facilities across a number of fields, including health care. With many doctors in Kuwait forced to work in substandard conditions, their work, and subsequently the quality of patient care, suffer.

Eng. Salwa Malhas, Executive Vice President at Al Mazaya Holding, is quoted as saying: “In Kuwait, health care centers are originally residential or commercial buildings that are later transformed into clinics. With this in mind we developed “Clover Clinics”, a project that offers numerous features that cater specifically to the needs of health care specialists. This includes features such as sound isolation, sterilization facilities, quality flooring and wide elevators that ease the movement of both doctors and patients.”

Eng. Malhas mentioned that, as development work progresses, Al Mazaya will be meeting with health care specialists to complete the interior design of the project and to equip it with the latest technology. Clients that are interested in investing in the project will be welcomed by Al Mazaya next May, in a special marketing effort that will showcase the project and its features, available plots, prices, etc.

A huge marketing campaign is set to be launched to promote for “Clover Clinics” inside and outside of Kuwait. The marketing team is already engaged in studies to determine expected prices and rent rates. They are also actively engaged in studies aiming to identify doctor’s needs in order to provide the latest and best quality equipment and facilities.

“Clover Clinics is a new trademark that Al Mazaya aims to promote across the GCC countries. This trademark is sure to increase the investment value of Al Mazaya’s already substantial portfolio of investments by introducing a unique product to the market that will help develop the health care real estate sector in Kuwait”, added Eng. Malhas.

Clover Clinics is comprised of 21 floors, with 600 square meters per floor set to house clinics of all sizes. The project will also feature sport medicine laboratories, a “physical therapy” spa, a specialized pharmacy located on the ground floor with an area of 150 square meters, and a basement that holds 200 cars.

Al Mazaya has made a contract to develop the Clover Clinics complex with BOT system. The total cost of the project is expected to amount to KD 7 million, with returns of 15-20% expected. Al Mazaya has awarded Sadeem Al Kuwait Co. the project’s construction work contract, while consultancy duties were awarded to Dar Al Sur Consultancy Co. Clover Clinics is expected to be completed by the end of 2009.