Mazaya Qatar to raise QAR500m

Al Mazaya Qatar, a subsidiary of Al Mazaya Holding, plans to raise QAR500 million (Dh504m) by issuing 50 million shares in an initial public offering at QAR10 per share in the fourth quarter of 2008 before listing on the Doha Securities Market, a statement said yesterday.

This fund raising will boost the company's total capital to QAR1 billion.

Qatar Investment House was commissioned to act as lead underwriter and bookrunner for the initial public offering, with proceeds to be used to raise the company's capital to QAR1bn, said the statement.

Siraj Saleh Al Baker, Managing Director of Mazaya Qatar Real Estate Development Company, said: "The focus of the company's activities is the booming real estate investment and development sector in Qatar and other GCC countries, fuelled by the region's record economic growth, which has had a significant impact on the market, and by the ongoing rapid population growth which is resulting in increased demand for residential and commercial units."