Press Release

Al Mazaya Holding, Regional property developer has announced the developing of 9 plots in Downtown Jebel Ali, with an investment of AED 5 billion. The plots occupy two quarters of the project main four quarters. The company is planning to build a commercial tower in quarter one, and 8 other buildings in Quarter 4.

Based on the promising feasibility study, Al Mazaya has commenced conducting a financial mechanism to fund the project. The company intends to offer part of the project for sale in the property market, keeping the other part as investment for the company.

Eng. Khalid Esbaitah, Managing Director and CEO at Al Mazaya Holding said: “This project is one of the main developments by Al Mazaya Holding, as it is located in Downtown Jebel Ali and aimed to establish an integrated society full of life and dynamism, where public areas among the buildings, streets, gardens and parks will have an importance not less than of the buildings themselves.

“We are waiting for the final touches of the designs, after “Al Nour Engineering Consultancy” has been awarded the contract, while the other buildings were submitted for designs, aiming to be completed very soon”.

He added. “The designs should be done with the best architectural style and distinctiveness, to embody Al Mazaya’s vision and to add a new milestone for Al Mazaya’s series of successes”.

The first building comprises of 30 floors, and serves the commercial sector. It includes 6 parking floors, while the other 8 buildings will serve the residential, commercial and hotel sectors, and all will be located in Quarter 4.

The project will be offered for sale on the market during the coming month of July, following the finalization of architectural designs and marketing materials.

Limitless, a global real estate arm of Dubai World, is currently developing its mega AED70 billion township, named Downtown Jebel Ali. The massive project will occupy an 11 kilometer land stretch covering 200 hectares on Sheikh Zayed Road. The project will comprise a total of 326 buildings out of which 237 will be residential and the rest commercial, in addition to 35 commercial and hotel premises. The project was offered for sale and targets investors and real estate developers.

Downtown Jebel Ali is comprised of four main sections, the East Quarter, the East Central Quarter, the West Quarter and the West Central Quarter. Designed with the emphasis on urban spaces, there is ample room between buildings, with parks, walkways and pedestrians areas. Downtown Jebel Ali will include a rich, convenient transport system, enabling people to live and work there without the need for a car, an internal ‘people mover’, and will use the latest technology to provide easy, environmentally-friendly travel within each of the four quarters.

About AL MAZAYA:

Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The company’s record includes a number of outstanding projects. In Kuwait, this consists of, (among others): Al Maha Villas, MAZAYA Villas, Al Roya, The View Point, 7 Zones, and Kuwait Business Town. In Dubai, its projects include The Villa, Dubai Healthcare City, The Icon, Sky Gardens, Towers at Business Bay and Queue Point, in addition to several other projects in Lebanon and Jordan.