Al Mazaya to set up firm to fund Kuwait projects

Al Mazaya Holding yesterday said it will set up a new company to build a financial centre and a heritage village in Kuwait.

The Neira Financial Centre and Yammar Heritage Village will provide more than 90,000 jobs and will offer more than 20,000 residential units, as well as a range of governmental facilities such as schools, hospitals and universities to cater to the needs of future generations, Al Mazaya said in a statement.

Al Mazaya said it plans to set up a public joint stock company to fund the different phases of the projects.

"Al Mazaya currently has projects worth $300 million (Dh1,102m) in Kuwait, and this is but the beginning. We look forward to expanding our portfolio dramatically in our homeland," Khalid Esbaitah, Al Mazaya's Managing Director and CEO said in the statement.

The initiative has been proposed to Kuwait's Emir Sheikh Sabah Al Ahmad Al Sabah. The two new projects received special recognition from Sheikh Sabah, being based on the Emir's vision for re-drafting Kuwait's financial and heritage maps and the establishment of the country as a regional financial, commercial and tourism hub, Al Mazaya said.

Rashid Al Nafisi, Chairman of Al Mazaya Holding, delivered the detailed presentation on the features of the two projects. "At Al Mazaya, there is a strong sense of duty towards our nation and towards the implementation of the Emir's vision for making Kuwait a regional business, financial, heritage and tourism hub," Al Nafisi said.

Esbaitah said the establishment of a public joint stock company to fund the different phases of the projects, saying the company, which is yet to be established, will supervise the projects' execution throughout the pre and post-construction phases