Dubai - December 2, 2006
Within the context of Al Mazaya's efforts to develop its investment basket and enhance its roots in the economy of Kuwait, the firm primarily known for its successful property investments in the GCC, is now moving into Kuwait's medical care sector.
Engineer Salwa Malhas, Vice President of Business Development and Marketing at Al Mazaya Holding announced that the company recently signed with a Kuwaiti investor - Mohammed Naser Al Hajeri, to develop a complete medical project featuring a BOT system on an area that reaches 4000 square meters, located on the roundabout in Al Jabriya, at a cost of 12 million Kuwait dinars.
Malhas added that the proposal for this project only came after an in-depth feasibility study by Al Mazaya Holding was conducted, which examined market demand in the GCC region, with a specific attention to Kuwait. The study revealed that the Kuwaiti market is deficient in several sectors including its medical sector. This deficiency is particularly apparent when it is compared to other regional markets that already have special initiatives which address different sectors, such as world-class medical care in medical cities or the latest technological developments in technology cities etc.
She also said that this launch will positively affect the country's economic mechanisms, reflecting the market's supply and demand for good private healthcare. It is from this perspective that the company has thought of developing a complete medical center, specializing in medical care that features the latest technology, which will be provided at international standards.
Malhas confirmed that Al Mazaya had already initiated work on the medical center's iconic architecture, which features an environment surrounded by nature, gardens and water falls, in order to provide a fitting atmosphere that will be pleasant to its patients. The design of the centre is also slated to incorporate an underground car park with space for 400 cars, amongst other suitable facilities and amenities.
The company is currently studying all medical standards that most private clinics in the region are missing and which should be taken into consideration when implementing such projects, especially since such medical practices are in need of adhering to standards that meet all health and biological requirements.
Al Mazaya's latest venture is anticipated to add value to their existing portfolio of projects and is projected to be a profitable long-term investment, where the scheme will generate positive revenues that should reach 15% yearly.
Speaking on the marketing of the project, Malhas said that Al Mazaya will create as usual an identity for the project that will reflect the development's architecture, which will be at the core of its promotion. The campaign which will last the duration of the project's development is expected to begin 4 months from now, and be completed in approximately 2 years.
-Ends-
© Press Release 2006
