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Mazaya Qatar will announce its first project soon, its chairman said in a statement today.
The company revealed the news as it announced plans to offer 50% of the company in an IPO open only to Qatari citizens and firms.
“During the previous period, we preferred to reserve shareholders’ money and keep it away from risky projects because of the instability of the global real estate market,” said Rashid Fahad Al Naimi, chairman of Mazaya Qatar.
"The board of directors decided to wait and study the market so as to be able to identify the perfect timing to take advantage of opportunities. The company’s first project will be announced soon."
The offer starts on January 17 and runs to January 31.
An amount of QR10 per share must be paid upon subscription.
Mazaya is a Shariah-compliant company focused on real estate development and investment.
Individuals must apply for a minimum of 250 shares, with multiples of 100 shares thereafter. Eligible businesses will be able to apply for a minimum of 2000 shares, with multiples of 1000 shares thereafter, up to a limit of 25 million shares.
Further details will be released on January 12.
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new potential client that will soon, it says, initiate new R.E. projects in Qatar