Kuwaiti developer does U-turn as Dubai real estate booms
Al Mazaya reverses its strategy of shrinking activities, may issue sukuk
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[DUBAI] Kuwait-based property developer Al Mazaya Holding Co is reversing its strategy of shrinking activities in Dubai, and may raise money from the sale of Islamic bonds after real estate prices soared.
The company's previous management said in June 2012 that it would reduce its investments in Dubai. At the end of 2013, the value of the company's assets in the United Arab Emirates had fallen to 32 per cent of the total, from 35 per cent a year earlier, according to the company's financial statements.
"A few years ago, the view was different. Now, I believe there's great potential in Dubai," Ibrahim Al Saqabi, Al Mazaya's chief executive officer, said this week in an interview here. "We'll launch several new projects this year, including some in Dubai."
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