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Sat 31 Mar 2012 12:55 PM

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Developer inks deals to restart Dubai projects

Kuwait-listed Al Mazaya sees 'some signs of demand' for its real estate projects in emirate

Developer inks deals to restart Dubai projects
(Credit: Bloomberg News)
Developer inks deals to restart Dubai projects
Kuwait-listed developer Al Mazaya Holding said on Saturday it had signed contracts to restart some of its suspended real estate projects in Dubai.

Kuwait-listed developer Al Mazaya Holding said on Saturday it had signed contracts to restart some of its suspended real estate projects in Dubai.

The company said between 70-80 percent of its problems in Dubai had been resolved and was noticing "some signs of demand on real estate units by international companies".

The renewed demand has encouraged Al Mazaya to sign construction resumption contracts for some of its projects in Dubai, it said in a statement without giving further details.

The company added that it was in the process of resuming another project soon.

The announcement came as Al Mazaya Holding reported a net loss of $57.2m in 2011, weighed by provisions totalling $142.9m.

Rashid Al Nafisi, chairman, said that Al Mazaya Holding was able to "deliver its real estate projects inside Kuwait and abroad and to pay a large part of its obligations to companies, investors and individuals in 2011".

He added: "Al Mazaya was able to maintain its financial standing, operational performance and market position thanks to careful planning and the implementation of the firm's precautionary 2011 policy, which took into consideration both the general economic climate and recent financial developments in the global markets."

The company's total assets amounted to $950.9m by the end of 2011, the statement added.

Naif Al Awadi, CEO of Al Mazaya Holding, said: "We have made a quality leap in operations in the last two years... We have reduced our obligations and delivered three times more projects than what we used to deliver annually during the previous years."

Al Awadi said that Al Mazaya would continue to seek to restructure assets, improve budgets, refocus on revenues this year.

In Dubai, Al Mazaya's projects include The Villa, Dubai Healthcare City, The Icon (1&2), Sky Gardens, Al Mazaya Business Avenue and Queue Point at Al Liwan, in addition to other projects in Kuwait, Lebanon and Jordan.

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Yunus 8 years ago

...Good vision.... Al Mazaya...the UAE has a very stable economy and tourism to the region is on the increase.

Humayun Naseem 8 years ago

To my practical experience Mazaya has been the worst developer lingering on & on with issues wasting every one's time. Out of all the developers with whom I faced issues of non delivery Mazaya has been worst & their management is taking ages to even finalize settlement options

abbass 8 years ago

Maybe they should help Rholding in Ajman.Seems like Rholding is not capable of finishing the emiratescity.

Tarek 8 years ago

Mazaya was late in most of its projects? The Qpoint Liban project is over 2 years overdue and have a long way to deliver. God knows if they will even deliver. They even are not acknowledging the contractual obligations. Not to mention their highly unprofessional approach with their customers?

ADP 8 years ago

Mazaya has been delaying our project at Q point for years. It was supposed to be completed in 2009 and we still do not have the possession of our apartment. Being end users our hard earned money has been tied up since 2009. Their customer service is non existant. They are all promises and have delivered nothing. There is no infrastructure and no final date for completion.

Vince 8 years ago

I like many others is an investor in Mazaya's Que Point Project and till date the project has not seen the light of the day. Numerous follow-ups have been left unanswered & project delays have lead to clear default of contractual obligations.

Adil Kerai 8 years ago

Mazaya has repeatedly told us that our building at Q point will be finished and keep demanding money for it but in the last 4 years construction has not even started. Our money is blocked and they do not respond and just keep sending emailsand letters demanding payment. RERA should take them to task and help the investors get their money back rather than letting them build more. It is very frustrating to see developers who have cheated investors to get permission to build more and be proud of it.

Person 8 years ago

Mazaya has a new meaning : it now means announcement and promises. Just promises. Booked an apartment in Q point in mid 2007 which was due in December 2009. To date nothing is there. Building is half done with low quality material. Since booking, the cost have gone down significantly and the way they are using cheap and low quality infrastructure, the buyers are paying double the value.

They have absolutely no shame. The customer service doesn't exists. Only God knows how they feed their families with our hard earned money and sleep peacefully every night.

I am sure that they way they are going, Q Point will have further delays with an extremely low quality product, probably suitable for a labour camp. God save us please !!!

Frustrated Mazaya customer 8 years ago

What amazes me is that RERA doesn't do anything at all to help the ones who put their life saving money into this project.
I am waiting for my flat at QPoint to be delivered since August 2009 and since then I heard so many new dates of delivery that just makes me laugh! I feel like a clown for buying something from Mazaya. I have tried so many times to cancel my contract as it's mentioned in one of the contract clauses but they won't accept. So What shall I do?! Sheikh Mohammad we beg for your help!

shehzad salim 8 years ago

shehzad salim

i too booked an apartment four years ago in on of thier projects, namely Q point. To date the building has not started, my money is blocked. They keep demanding more payment and keep threating to cancel and steal my money. How can RERA let them continue and to build new projects. they should first be required to return all old investors money and then move forward.