By Andy Sambidge
Al Mazaya eyes new investments after Expo 2020 win; a year after trying to cut exposure in emirate
Kuwait-based developer Al Mazaya Holding Company, which said last year it was to reduce its business in Dubai, announced on Tuesday that it is now planning new investments in the emirate on the back of the Expo 2020 win.
Ibrahim Al Saqabi, acting CEO, said that Dubai's winning of Expo 2020 "will have a positive impact on the activity of Al Mazaya Holding", with over 85 percent of its projects concentrated in the emirate, and worth more than $2.8bn.
He added that the company's strategic plan over the next five years will include entering into new investments in Dubai.
Al Saqabi said the Expo 2020 win is expected to drive real estate and development projects forward, creating bullish forecasts for the real estate sector in the UAE for the medium term future.
His comments are in stark contrast to his predecessor Mohammed Al-Awadi who said last year that Al Mazaya wanted to reduce its exposure in Dubai "because of difficulties with existing infrastructure and master developers".
Al Saqaba said the Dubai market had "become now more aware and mature than ever before".
"The Government of Dubai is expected to wisely draw on past experiences in its re-consideration of current investment legislation, mortgage law and regulation and other laws the amendment or liberalisation of which can further stimulate investment," he added in a statement.
He said Al Mazaya has been able to deliver more than 1,500 housing units, and has a land bank for future projects in Dubai.
The new CEO's focus should be on delivering the projects like QPoint Liwan that was announced in 2007. If anyone has gone to the site today, it's just a bunch of buildings with no proper infrastructure. The customer service of Al Mazaya in Dubai is one of the worst section to deal with. Absolutely non-friendly to the investors and when status updates are requested they do not provide proper responses.
I do agree with the opinion of first investor. I am also an investor of the same Mazaya project. After giving down payment in 2006 for a flat there, now at the end of 2013 (7 years after) Mazaya team calls me to do snagging of a building which is not connected to Dewa. How on Earth I will sign snag conclusion if those pipes might burst when they pump water?! Sorry but I am not a clown to do that even though they presented a "building contruction certificate" stating that is the release from "Dubai Real State" to handover to owners. Open your eyes if you want to invest with Mazaya!