Kuwait's Al Mazaya eyes GCC health clinic expansion

Developer looks to roll out Clover Centre brand across the region, starting with clinic in Qatar
Kuwait's Al Mazaya eyes GCC health clinic expansion
(Getty Images - for illustrative purposes only)
By Andy Sambidge
Tue 24 May 2011 07:46 PM

Kuwait real estate developer Al Mazaya Holding is looking to expand its Clover Centre health brand across the GCC, starting with Qatar, it said on Monday.

The company, which mostly has projects in Kuwait and Dubai, said the growth of its Clover Centre health clinics was now a "primary goal".

Al Mazaya said it was keen to look at Qatar first as the Gulf state's real estate market was most stable.

The first Clover Centre has recently opened in Kuwait and consists of 19 floors of health related services, with an additional eight-storey facility allocated for boutique clinic services flanking the main building.

Al Mazaya said it is also planning to use the 18th floor as a multi-purpose hall to attract top doctors in the areas of stem cell medicine and anti-aging preventive medicine.

The success of the Kuwait centre - with more than 70 percent already leased - has prompted Al Mazaya officials to look at expanding the brand in the Gulf region.

The company's research Department is currently conducting a detailed study on prices, locations, and the GCC market's needs and requirements.

Salwa Malhas, executive vice president - Business Development and Marketing, said: "We are currently focusing on revenue-generating investments, including the Clover Centre, as this type of investment guarantees high revenues and the ability to operate and manage the project even after delivery."

Last month, Al Mazaya Holding said it made a loss of AED112.5m ($30.6m) in 2010 after booking provisions totalling AED181.8m.

Company chairman Rashid Yaqoob Al Nafisi said the past year had been challenging in most regional market, especially Dubai, where it was taking back properties where investors had defaulted.

He said the real estate firm was currently collecting all outstanding amounts from sales in its projects, making payments for construction work, and acquiring all defaulted residential and office units "in accordance with Dubai's acquisition regulations".

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