Press Release
Access. Work. Achieve.
In a bid to realise the vision of H.H. Sheikh Sabah Al-Ahmad Al-Sabah, the Emir of Kuwait for the transformation of Kuwait into a world class financial, commercial and heritage centre and destination of choice for international investors, the region’s leading property developer, Al Mazaya Holding, has put forward a proposal for the development of a financial centre, ‘Neira’ and a heritage village, ‘Yammar’, to their highnesses, Sheikh Sabah Al-Ahmad Al-Sabah and Crown Prince, Sheikh Nawaf Al-Ahmad Al-Sabah
The initiative was put to Sheikh Sabah Al-Ahmad Al-Sabah via a video presentation on the two proposed projects during a visit paid by the senior management of Al Mazaya to the Emir, who welcomed the suggestion and praised the initiative reflected in Al Mazaya’s projects, all of which aim to boost the country’s economic position and enrich its real estate market. The two new projects received special recognition from Sheikh Sabah, being based on the Emir’s vision for re-drafting Kuwait’s financial and heritage maps and the establishment of Kuwait as a regional financial, commercial and tourism hub.
Mr. Rashid Al Nafisi, Chairman of Al Mazaya Holding, delivered the detailed presentation on the features of the two projects, the Neira Financial Centre and Yammar Heritage Village, pointing out the integration of a number of state-of-the-art facilities in the projects for the creation of the quintessential financial and heritage centres that simultaneously offer a highly attractive investment that will certainly become a point of intense focus among investors.
“At Al Mazaya, there is a strong sense of duty towards our nation and towards the implementation of H.H Emir’s vision for making Kuwait a regional business, financial, heritage and tourism hub. It is an ambition embraced by every Kuwaiti citizen, and one that should be translated into real action. Establishing initiatives and enterprises that further these aims will not only further secure Kuwait’s position as a regional leader on various fronts, but will ensure that we may continue to raise our nation’s flag with pride,” Al Nafisi said.
Speaking on Al Mazaya’s strategic plan for the execution of the two projects, Eng. Khalid Esbaitah, Managing Director and CEO of Al Mazaya Holding, suggested the establishment of a public joint stock company to fund the different phases of the projects, adding that the company, which is yet to be established, will supervise the projects’ execution throughout the pre and post-construction phases
“Al Mazaya currently has projects to the value of $300 million in Kuwait, and this is but the beginning. We look forward to expanding our portfolio dramatically in our homeland.
“The two projects will provide more than 90 000 job opportunities for young Kuwaiti nationals and will offer more than 20.000 residential units, as well as a host of governmental facilities such as schools, hospitals and universities to cater to the needs of future generations.”
Eng. Abdullah Al Roudan, Assistant Projects and Business Development Manager at Al Mazaya, said of the projects, “Neira is a name derived from the word ‘Lira’. It is a man-made island located in the ‘Joone Al Kuwait’ region. The project was designed by the world’s leading architect firms to become the future financial heart of Kuwait. The project comprises three main areas, namely, the financial hub, which will provide facilities to accommodate a variety of local and international financial institutions and different types of financial markets, the financial investment facilities area, which will include governmental departments and marine terminals, and the residential area, which will include a range of residential units, including villas and luxury apartments. 50% of the island will be built up area, while the remaining 50% will be dedicated to green spaces such as parks and gardens. The design of the project took environment and marine navigation into consideration and includes a modern public transport system, with water boats and a telpherage system.
“Yammar, which means ‘heart of the palm’; is an aesthetic creative blend combining the sea with the mainland and bridging the past with the present. It spans an area of 4.6 million square metres at the head of the Arabian Gulf and comprises a man-made island, including six parts shaped after GCC countries; each part reflects the cultural and traditional aspects of one Gulf country. The project will accommodate a theatre stadium as well as various cultural centres, art galleries, shopping malls and carnival areas, and will include residential buildings, waterfront areas, villas, restaurants, hotels and marinas. The design of this project also includes a modern public transport system.”
