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GCC project progress takes Kuwait's Mazaya to $10m profit in H1 2018

The developer's $9.6m net profit comes as the developer makes headway with its Q-Zone (Dubai), Mazaya Downtown (Kuwait), and Al Mazaya Residence (Oman) schemes

Al Mazaya Residence in Oman is one of Kuwaiti developer Al Mazaya Holding's ongoing projects in the Gulf [image: mazayaholding.com].
Al Mazaya Residence in Oman is one of Kuwaiti developer Al Mazaya Holding's ongoing projects in the Gulf [image: mazayaholding.com].

Developer Al Mazaya Holding has a reported progress on its construction schemes under way in Kuwait, the UAE, and Oman, driving its H1 2018 net profit to $9.6m (KWD2.90m).

Eng Ibrahim Al-Saq’abi, group chief executive officer of Al Mazaya Holding, said the company’s total operating revenues in H1 2018 amounted to $44.6m (KWD13.5m), adding that the firm “continued to secure high occupancy rates” from its work in Kuwait, Dubai, Saudi Arabia, and Bahrain. 

The developer said it is currently “working on full-fledged financial and technical business plans […] for developing residential cities in Jaber and Sabah Al Ahmad areas as part of the public-private partnership programme”, which is being implemented by the Public Authority for Housing Welfare. 

Meanwhile, in Kuwait’s Al Sharq area, the Gensler-conceptualised Mazaya Downtown’s schematic design has been completed by Pace, with preparation in progress to receive construction licenses from state departments.  

READ: Kuwait's airport construction schemes to spur real estate growth

In the UAE, construction on Q-Zone 1, Al Mazaya’s project in Dubailand’s Liwan locality is 30% complete, and the 500-unit mid-income homes are due to complete in early 2019. Additionally, design and licensing work has been completed for Q-Zone 2, which includes 450 homes. 

Over in Oman, construction work has been completed for Al Mazaya Residence’s first phase, with power connections made, and the building completion certificate issued to begin handovers. 

A total of 148 apartments and shops make up Phase 1 of the integrated project, located behind the City Centre outlet in Al Seeb. Work is 40% complete on Phase 2 of Al Mazaya Residence, which includes 132 residential and retail units.

Al-Saq’abi said the developer’s total assets were valued at $731m (KWD221.2m) at the end of H1 2018, adding that the firm is considering “a number of investment opportunities available in the markets it is working in, in addition to those available on global markets, especially in Europe”.


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Construction Week - Issue 764
May 31, 2020