Al Mazaya posts small 2009 profit
Developer has reported progress on two of its Dubai projects
Al Mazaya Holding reported net profit was of AED 68.2 million for 2009 after provisions of AED 220.2 million.
The Kuwait-based developer recently claimed that it is making progress with two key projects in Dubai, the Villa in Dubailand and Business Avenue in Jumeirah Lakes.
The company has completed five projects in Kuwait, including Clover Clinic, Kuwait Business Town and 7 Zones. It has pledged to continue development of its share of the Sky Gardens residential tower in Dubai International Financial Centre, which it plans to turn into hotel apartments.
Al Mazaya plans to launch Al Ma’thar Towers for lease in Riyadh soon.
“Al Mazaya was able to reap reasonable profits due in large part to its to precautionary, well-thought out plans for 2009, which bore in mind the general economic climate and the recent developments in international markets,” said Rashid Yaqoob Al Nafisi, chairman, in a statement.
He confirmed that al Mazaya has repossessed an unspecified number of units where owners have defaulted. The company plans to put these units up for sale.