Mada'in Real Estate Company (Mada’in) has outlined key details of its diversified business strategy for real estate investment and development in the UAE and other Gulf markets.
Ahmed Ramadan Juma, Chairman of Mada’in’s Founding Committee, said at a press conference held after the Company’s first General Assembly, “Mada’in will operate across the entire value chain of the property sector and will draw on the Gulf region’s leading real estate expertise through a series of strategic partnerships.”
“At today’s Assembly, the Founding Committee formally announced the company's establishment, the approval of the company's auditors and the ratification of the Founders' Report on the incorporation process and incurred expenses,” he said.
"We are delighted to have finalized the founding of Mada’in and to be part of a company which presents a new vision in real estate investment and development that is based on in-depth market studies and analyses,” he added
“Through the support and strength of our numerous Gulf investors, Mada’in will be able to engage in diversified real estate businesses, including investment, trade, property development and management, as well as real estate brokerage and auctions," Juma said.
With a start-up capital of 500 million AED, Madai’n’s shareholders include the UAE-based trading and engineering services group Ahmed Ramadan Juma Group (ARJ), and Gulf Investment House (GIH), one of the region’s leading financial services companies, as well as other Gulf investors.
Chairman of GIH and member of Mada’in’s Board of Directors, Faisal Al-Khazam, said, “Mada’in’s business strategy focuses on forming strategic partnerships with companies in Kuwait, Saudi Arabia and Bahrain. Our aim is to maximize on the current positive market conditions by gaining from the diversified expertise that will inevitably result from regional cooperation and information sharing.
“The real estate boom across the region has led to a wealth of experience in property finance, development and construction among Gulf investors. Our vision is to upgrade the region’s collective expertise in the real estate development sector by bringing together the industry’s leading experts.”
Mada’in will initially invest in and develop property in Dubai and Abu Dhabi. Future projects will see Mada’in assess opportunities for development and investment throughout the UAE and the Gulf region.
Al-Khazam said that Dubai had been chosen as the company’s headquarters due to the city being one of the world’s most dynamic real estate markets. With 26 per cent nominal GDP growth in 2005, the UAE has one of the fastest growing economies and Dubai’s rapid population surge is placing a huge demand on commercial and housing stock. The city’s property boom has fuelled more than $300 billion in investment over the past five years. “Mada’in is set to benefit from Dubai’s steep growth curve, as well as the overall positive conditions in the region’s real estate sector,” Mr Al-Khazam said.
© 2006 Al Bawaba (www.albawaba.com )