Esbaitah: Low cost and high quality apartments are our mark at Queue Point- Liwan

Construction works will start in June 2007 to be finished in 2009

Dubai- April 30, 2007: After its success in selling Phase 1 of its Queue Point project recently, and the great demand that Phase 2 is generating, Al Mazaya is continuing its road show across the UAE and GCC, where they are showcasing their project at the 10th Al Riyadh Exhibition for Real Estate & Architectural Development, currently taking place in Riyadh, Saudi Arabia, from April 29 to May 4. This exhibition is considered one of the preeminent meeting places for real estate investors and purchasers within KSA and GCC and is being held at the Riyadh Exhibitions Center. The event is organized by Ramtan for Expos, and features a record amount of pioneering Gulf, Arabic & Saudi real estate companies.

Queue Point has proven itself as the best and most popular choice for investors from the moment the project's units went on sale, owing to a variety of striking factors: Directed at mid income wage earners but featuring a high level of quality and design, the project is located near the Emirates Road at the intersection of Al Ain Road and is 15 minutes from the heart of Dubai - a convenience for people who wish to live near their places of work and study. Featuring highly competitive prices that begin from Dhs. 390,000, with the offer to make monthly payments of Dhs. 3000 that can begin after residence, customers can take advantage of this development as Tamweel is offering finance of up to 95% for 15 years.

"The great demand for Queue Point is evidence of the value of our work in Dubai, especially since that market is in need for residential and commercial units that answer the wants and needs of mid income wage earners. Queue Point allows for this stratum of investor to not only live in their own apartments that come at competative prices, but also in apartments that possess a high level of luxury." said Eng. Khalid Esbaitah, Al Mazaya's Managing Director and CEO.

"Communicating with our Gulf brothers wherever they where, encourages us to increase our efforts and to be prompt with our construction works that will begin next month and be completed by the end of 2009. This is in addition to finalizing details with Tamweel to facilitate financial payment options for the buyers." he added.

Phase 2 like Phase 1, benefits from the alliance between "Mazaya" and "Tamweel" to finance the project. The agreement permits for 95% funding for UAE citizens and 75% for GCC citizens.  This may allow foreigners to own units in this project given the new laws and legislations regarding ownership rules in the UAE.

Akin to Phase 1, Phase 2 is characterized by new plots, new locations and more designs that keep with the essence of the project's general design. Created as a result of the signing of an agreement with Mizin to buy 44 units within Al Liwan, the project is located in Dubai Land, an attractive and epic development based in the heart of the emirate. Here Al Mazaya aims to develop a series of quality, high class, middle income residential and commercial buildings that come at highly competitive prices. The projects apartments begin from Dhs. 390000 and offer the opportunity to make monthly payments of Dhs. 3000. Construction is expected to begin in the coming June and be completed by 2009.

-Ends-

About AL MAZAYA:
Al Mazaya Real Estate Development Co., listed on the Kuwait Stock Exchange and Dubai Financial Market, created a distinctive place for itself in the economic sector through the implementation of several major and vital projects across the region. The company provides comprehensive real estate services and products across various fields, including housing projects that include high class and deluxe villas, vertical flats and accommodation buildings, office buildings and the purchase and apportionment of large spaces in selected areas. The company's record includes a number of outstanding projects. In Kuwait this consists of, (but not exclusively): Al Maha Villas, MAZAYA Villas, Al Roya, The View Point, 7 Zones, and Kuwait Business Town. In Dubai their projects includes The Villa, Dubai Healthcare City, The Icon, Sky Gardens, Towers at Business Bay and Al Liwa. In addition to several other projects in Lebanon and Jordan, Mazaya Real Estate Development Co. has a capital of $23 million, reflecting a prosperous and bright future for the company that is providing the greatest amount of return for its shareholders.

For further information, please contact:
Serine Srouji
SAHARA- PR Department
Tel: 06 5737018
Fax: 06 5737019
Email: serin@saharagcc.com

© Press Release 2007