Makaseb Holding Ltd. has announced the launch of operations as a limited regional investment company at a press conference held yesterday (Sunday, November 12, 2006) at the Burj Al Arab Hotel. The company is a joint venture between the Rufi Group of companies, Sharm Land Limited, AA Investment Company and Quattro Limited.
At the press conference, Makaseb Holding announced its intention to focus on acquisitions and investments in the real estate sector. “We are witnessing a period of rapid growth in regional real estate market, which makes real estate assets an attractive proposition, yielding high returns at relatively little risk. Makaseb has been formed as a platform to tap into the real estate market by acquiring existing real estate projects and also developing new ones independently or through joint ventures,” said Hesham Abd Al Ghani, One of the founders of Makaseb Holding Ltd.
Makaseb Holding Ltd. has been launched with AED 20 billion on hand and aims to expand this to AED 100 billion within the next 10 years. The company is geared up to follow a rapid expansion and diversification strategy by drawing on the diverse international experience and regional networks of its founders.
“Makaseb is a multinational holding company and its partners are from different nationalities. Therefore, the company will diversify its investments in many countries in the Middle East and we will soon be announcing many property development projects. We are certain that the positive investment climate in the region will allow us to develop a suitable portfolio to catalyze future expansion,” Abd Al Ghani added.
The company’s founders have expressed their happiness to form such a strong alliance which will support property development projects in the UAE and the region in general. This alliance is expected to extend support to national economies and further investments in the region.
