AMMAN -- Kuwaiti investors and their local partners on Tuesday announced the launch of an affiliate company in Jordan as an investment arm for the Kuwait-based Mazaya Holding.
The new company, which is expected to announce Initial Public offerings in April, will be mainly focussed on real estate investments. It was launched under the name Al Mazaya Real Estate - Jordan.
Saraya Holding's CEO Khaled Espaiteh said their plans in terms of location and the size of investments in Jordan remain "confidential" for business security reasons.
However, he did say the company would focus on business facilities such as office towers and related projects, in addition to residential ventures. He did not give further details.
Espaiteh made the remarks at a press conference held by the Kuwaiti company and its Jordanian partner, Global Investment House, whose CEO, Omar Qoqah, said the new company had been established with a capital of JD40 million.
Of this capital, 20 per cent is owned by Global, 20 per cent by Mazaya Holding and 20 per cent by the third partner, First Jordan Investment Company (FJIC). Meanwhile, 40 per cent of the company's capital will be offered for public subscription, Qoqah told reporters.
Asked if further real estate projects would be a wise investment in light of the influx of investments in the sector, Qoqah said the local market is not saturated yet and "can absorb 20 more companies like Mazaya Jordan."
He said Jordan would remain attractive to investors due to laws introduced over the past few years to attract foreign investment.
Describing the Jordanian market as "promising," Espaiteh said the real estate sector is likely to maintain its momentum for the coming five years.
Mazaya Holding started out in Kuwait with numerous real estate projects in a variety of sectors and later moved to Dubai, where it is implementing mega real estate projects, especially in Dubai International Financial Centre, Dubai Healthcare City and a residential project in Dubai Land, in addition to other commercial and residential projects in the Buhairat Al Jumaira area.
By Mahmoud Al Abed
© Jordan Times 2006
