Kuwaiti-based real estate firm Al Mazaya Holding Company recently announced its intention to invest Dh3 billion in Dubai's mega mixed-used real estate project, Dubailand.
Al Mazaya will reportedly purchase some 30 units in the Al Liwan residential and commercial development at the cost of Dh1.25 billion while the remainder of the sum will be invested on behalf of other investors, according to Khaleej Times.
Inspired by the city of San Francisco, the Al Liwan development is located near the intersection of Emirates Road and Al Ain Road. It boasts green park areas and waterfalls interspersed among the buildings.
The project's main developer is the Mizen Company, a member of Tatweer, a subsidiary of Dubai Holding. The main areas and infrastructure are now being worked on and this part of the project is expected to be completed by December.
"The purchase and development of the land is part of the company's effort to further its assets as means of a long term investment," said chairman of Al Mazaya Real Estate Development Company, Rashid Yaqoub Al Nafisi.
"l Mazaya conducted an intensive feasibility study for this project and anticipate seeing great results by next year. This step comes in accordance with Mazaya's accounting system which ...ensures a balanced growth for the firm's profits for at least the next 10 years," he added.
