- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:27 05:45 12:20 15:47 18:49 20:07
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Real estate developer Al Mazaya Holding yesterday established Al Mazaya Property Fund, with a seed capital of $100 million (Dh367m). Emirates Business reported last month the company was planning to raise Dh1.1 billion via two funds, each with a seed capital of $100m, over the next six months. The fund, which is launched in alliance with Access Group, a strategic partner of Grant Thornton International, will invest in part of Al Mazaya’s property portfolio. It will also seek other property opportunities in the commercial and residential sectors. Access will provide all fund-related financial advices. The fund’s strategy will focus on a mixture of long-term capital appreciation through property assets and short-term returns through investing in mature property assets. Al Mazaya Holding has a 10 per cent equity interest from the total capital of the $100m fund. “The new fund will explore property opportunities and invest in other real estate projects in both the commercial and residential sectors. “It will invest in part of our property portfolio and aims to invest in projects that cater to the needs of all segments of society,” Khalid Esbaitah, Chief Executive Officer, Al Mazaya Holding, said in a statement. The company will launch another Shariah-compliant fund by mid-May, Esbaitah had said earlier. The return on investment in residential property has reached 12 per cent, with an expected 20 to 30 per cent price appreciation, according to Al Mazaya. Last year, the company launched a real estate index, which will monitor property movement across the GCC. The index measures the progress of all the real estate indices in the GCC, including the residential lands index, the trading on flats and villas index, the commercial and investment lands index, and the prefab offices index. Dh2bn project to be launched in dubai Al Mazaya Holding plans to launch a Dh2 billion mixed-use project in Jebel Ali Downtown, where it has acquired 10 plots, a senior executive said. “Two plots will be allocated for commercial or office purposes, while the remaining eight will have residential components,” Salwa Malhas, Senior Vice-President – Business Development, Al Mazaya Holding, told Emirates Business.
Al Mazaya has developed properties in GCC states with an investment of Dh27bn, of which more than Dh18bn has been in Dubai. “A major proportion of our investments has been in Dubai and we are looking to consolidate our position in the emirate.” Its Dubai projects include The Villa, Dubai Healthcare City, The Icon, Sky Gardens, towers at Business Bay and Queue Point. Demand for villas is growing, as prices have appreciated by 100 per cent in two years. The firm will develop 600 villas in Dubailand as part of The Villa development, said Malhas. Currently, Al Mazaya is working to launch a subsidiary in Bahrain, said Malhas.
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