Kuwait's Al-Mazaya profits boosted by land deal
Kuwait's Al-Mazaya Holding Company posted significant net profits following the successful accomplishment of land sale transaction in Al-Safuh area in the Emirate of Dubai. The deal was valued by KD3 million (US$10.27 million), on behalf of Aayan Leasing and Investment Company. This sum will be added to the company's profits during the third quarter of the current year, reported Al-Sharq al-Awsat newspaper on October 6, 2005.
The vice chairman of Al-Mazaya Holding Company, Khaled Saeed Esbaitah, told the newspaper that the company is in the process studying huge investment opportunities, which may be announced soon.
It should be mentioned that Al-Oula Dubai Company is currently working for the accomplishment of a residential building in Dubai International Financial Center under the management of Al-Mazaya Holding Company. The value of this project is estimated at KD55 million (US$188 million).