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Mazaya Qatar bags QR 500 million for projects

by CW Staff on Feb 21, 2010

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Al Naimi: Mazaya Qatar is taking its time identifying project opportunities.

Mazaya Qatar Real Estate Development’s recent IPO has raised QR 500 million, increasing its paid-up capital to QR 1 billion.

The IPO ran from January 17 until 31, with 50 million shares offered at a price of QR 10 per share.

According to a statement, Mazaya Qatar is focusing on ‘low risk’ projects, though no details on any of its planned projects have yet been disclosed.

Last month, ahead of the IPO, company chairman Rashid Fahad Al Naimi, said: “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.”

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