Press Release

Dubai, 7 October 2009

Speculation and predictions – both positive and negative – abounded prior to Cityscape Dubai 2009, and with the celebrated exhibition now underway it has become clear that, in contrast with previous editions, this year’s Cityscape Dubai presents an invaluable opportunity for participants to get in touch with their clients, support the property market, review the latest project updates, and answer numerous questions concerning project and market status, rather than a stage for them to launch new projects as has been the norm previously.

Eng. Khalid Esbaitah, Al Mazaya CEO and Managing Director, said, “We believe, as do many investors and developers, that the market is still full of opportunities that could lead to mega projects with new visions and services that cater for the needs of the market. Companies are simply waiting for the right time to make new announcements”.

“When we say the ‘right time’, we are not referring to the elements related to the property market alone,” Esbaitah continued, “because the global financial crisis has hit numerous economic sectors and its impact has been felt on many economic theories that were, at one time, seen as rock solid and indisputable. As such, it is important that the economic sectors take sufficient time to recover, to avoid a recurrence of economic turmoil in the next 10 years.”

Concerning Al Mazaya’s participation at Cityscape Dubai 2009, Esbaitah said, “Since its inception in 2004, Al Mazaya Holding has been keen on participating in Cityscape Dubai every year, due to the importance of this exhibition both locally and regionally, and even internationally, as the exhibition has been able to attract media and investors from all over the world. Cityscape Dubai has been a center stage for many of our projects, such as Sky Gardens, The Villa, Jumeirah Lake Towers, Queue Point, etc. This year, the Al Mazaya suite was crowded with a gathering of investors, developers and media representatives who came to take a look at Al Mazaya’s future plans and our projects for the coming period”.

Al Mazaya is showcasing six of its projects at Cityscape Dubai 2009, including three based in Dubai – ‘The Villa’ residential project (Dubailand), which is 85 percent complete with 200 villas ready for immediate deliverance; ‘Al Mazaya Business Avenue’ (Jumeirah Lakes), which is over 70 percent complete; and ‘Queue Point’ (Al Liwan), which is between 30 and 60 percent complete. In addition, the firm is showcasing three of its profitable projects in Kuwait – ‘7 Zones’, which is 100 percent complete and set to launch in November, and ‘Clover Clinic’ and ‘Kuwait Business Town’, both of which are 85 percent complete.