Press Release

Al Mazaya Holding Company has launched a wholly-owned joint stock company to capitalise on the abundant opportunities presented by the buoyant Turkish real estate sector.

Mazaya Turkey was established after extensive research over a period of nine months into the long-term viability of the Turkish property market and will initially target residential sector investments before moving into related fields such as property management services, engineering, exhibitions and conferences.

The company was created in accordance with all relevant Turkish laws and regulations.

Al Mazaya Holding Group CEO Eng. Ibrahim Al Saq’abi said the launch of Mazaya Turkey signalled his company’s enthusiasm for both establishing operations in Turkey and diversifying revenue streams.

He said: “Mazaya Turkey will help us to achieve ambitious Group growth targets over the coming years, while enabling us to geographically diversify our portfolio of operations and assets, in line with our longstanding strategy”.

“The Turkish property story is an exciting one. We believe the fundamentals are there to sustain growth for the long-term while the market is sufficiently transparent and regulated to provide security to investors and buyers alike”.

“Al Mazaya has a strong track record of real estate investment and development excellence, and we look forward to working with all relevant stakeholders in Turkey over the coming weeks and years. Together, we believe we can achieve outstanding results.”

Eng Al Saq’abi added he was impressed with the efforts of Turkey’s government to create the conditions necessary for direct foreign investment (FDI).

He said: “Few other countries in the region enjoy the demographic opportunities currently experienced by Turkey, combined with both economic growth and political stability. Turkey is undergoing a remarkable transformation and we look forward to building long-lasting relationships with the people of this great country.”

Jim Yolcu was appointed CEO of Mazaya Turkey. He brings more than fifteen years’ industry experience to the position.

Mr. Yolcu said: “Al Mazaya is one of the leading names in the development and management of real estate in the Middle East. We believe Mazaya Turkey will soon occupy a similar position of reputational leadership in Turkey, consistently delivering excellence and offering expertise in all areas of operation”.

“We are excited about this new chapter in the Al Mazaya story and look forward to contributing vigorously to the Turkish economy by creating jobs and bringing investment from all over the world. Together, we can achieve great things.”

In recent years, Turkish real estate has enjoyed one of the fastest rates of appreciation in the world, often achieving double digit growth, fuelled by strong GDP performance and government initiatives to open the market.