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Kuwait Business Town sets a new standard for Kuwait office property market

For immediate release

Kuwait-25 October 2009

• 80% of development complete, overall completion in January 2010

• Al Mazaya owns two of project’s four towers

• Al Mazaya preparing a floor for investors to review

• Kuwait Business Town projected to achieve profits starting Q3 2010

Al Mazaya Holding has announced that construction work for the Kuwait Business Town project, located at the heart of Kuwait City, is 80 percent complete, and that the remaining works will be completed in January 2010.

Kuwait Business Town comprises four towers that incorporate smart building technology, saving occupants time, effort and money. Al Mazaya owns two of the project’s four towers, and it plans to launch both towers within the next few weeks, making them available for leasing. The developer has already signed a contract with an interior design company to show the project’s specifications and investment opportunities, and is also preparing a floor to show to investors.

“Kuwait Business Town has many characteristics that put it amongst the most important projects for Al Mazaya, Kuwait and the office and commercial property sector,” says Eng. Khalid Esbaitah, Al Mazaya Managing Director and CEO. “For Kuwait, and for the property sector, Kuwait Business Town will be a first-rate commercial hub headquartered in the country’s capital, setting new standards on par with international projects in terms of quality and advancement in Kuwait’s office sector, and offering completely new services, technologies and designs to the office sector.”

Esbaitah went on to say that Al Mazaya will retain possession of two of the project’s four towers and will aim to turn the project into a profitable one despite the economic turmoil that has befallen the property sector. He predicted that profits will begin in Q3 2010.

Kuwait Business Town is located at the heart of Kuwait City, at the intersection of Omar bin Al Khatab and Khalid bin Al Waleed streets, one of the busiest and most strategic areas for investors. The KD30 million towers that Al Mazaya will retain include a set of smart offices of various sizes with state-of-the-art equipment. Al Mazaya has assigned First United as a lead contractor in the project, while project management duties have been assigned to Projacs Co. and Pan Arab Office is in charge of design and supervision duties.

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