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Kuwait’s Al Mazaya to give up business in Dubai

16 Jun 2012

(MENAFN) Kuwait’s Al Mazaya Holding Company said it is considering giving up its interest in Dubai due to difficulties with existing infrastructure and master developers, Arabian Business reported.

CEO Nayef Mohammed Al-Awadi said that despite the decline of assets in Dubai has hurting the company’s overall performance, adding that the growth in 2012 will depend on the value of assets at the end of the year.

In March, Al Mazaya Holding said it had signed contracts to restart some of its suspended real estate projects in Dubai,

Al-Awadi also ruled out any new planned projects until 2013, and that the company will be focusing on its existing developments.

Al-Mazaya plans to focus on Saudi Arabia’s residential market, where it sees strong demand, he added.

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