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FINANCIAL NEWS
Kuwait’s Al Mazaya to revive Dubai projects
01 Apr 2012
(MENAFN) Kuwait’s Al Mazaya Holding signed contracts to revive some of its halted real estate projects in Dubai, Arabian Business reported.
The company said signs of rebound in the demand for property in the Gulf emirate encouraged Al Mazaya to sign construction resumption contracts for some of its projects there; adding that between 70-80 percent of its problems in Dubai had been resolved.
Mazaya’s projects in Dubai include The Villa, Dubai Healthcare City, The Icon (1&2), Sky Gardens, Al Mazaya Business Avenue and Queue Point at Al Liwan.
The announcement came as Al Mazaya Holding reported a net loss of USD57.2 million last year, hit by provisions totaling USD142.9 million.
CEO Naif Al Awadi said that the company would continue to seek to restructure assets, improve budgets, and refocus on revenues this year.
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