Eng. Salwa Malhas: "Private sector involvement in Kuwait's multibillion Kuwaiti Dinar growth plan will increase demand for office space"
Flags, banners, posters and billboards announcing the launch of leasing at Mazaya Commercial Towers, Al Mazaya Holding's flagship project situated in the heart of Kuwait Business Town and the largest office space project in Kuwait, have been erected across Kuwait Business Town.
In conjunction with the launch of leasing, Al Mazaya is completing the final touches on the 98% completed project and connecting electricity to the towers, after obtaining the necessary approval from the municipality and Ministry of Electricity.
Mazaya Towers has become a destination of choice for firms and investors due to the smart technology and modern equipment provided and Al Mazaya is gearing up to sign a number of leasing contracts with renowned firms and large brands in the Arab business world. Al Mazaya Holding will manage the property while also providing additional services such as round the clock security, cleaning and parking services, and regular maintenance, among others.
Speaking on the occasion, Eng. Salwa Malhas, Executive Vice President for Business development and Marketing at Al Mazaya Holding, said: "Despite the crisis which hit the global and regional markets, our belief in the importance of income-generating projects such as Mazaya Towers has been strengthened, particularly because these types of projects may generate satisfactory revenues. In light of the demand we witnessed on our recent income-generating projects, which have achieved and are still achieving success despite the crisis, we can expect similar success for our project in Kuwait Business Town. Despite the increasing supply in the Kuwaiti office space market, which has reduced rents, investors still prefer high quality projects in terms of location, finishes, services and management. This is exactly what Al Mazaya is seeking to provide in all of its projects.
"We expect an increase in the demand for office space in Kuwait during the coming period, particularly with the green light given to the KD30 billion growth plan launched by the Kuwaiti government over the coming four years. This plan, which aims to reduce the country's reliance on oil revenues and enhance private sector involvement, will certainly create opportunities for local and international firms to take part in the multi-billion Kuwaiti Dinar growth plan. These firms will seek offices for their operations in Kuwait and, as such, will help increase demand for office space. The new plan will attract more investment to Kuwait and will boost private sector involvement in government projects. This is a positive factor and a main driver for economic and real estate activities," she added.
Al Mazaya has two office towers in Kuwait Business Town. The company received a "No Objection Certificate" from the Kuwait Municipality in addition to the approval from Ministry of Electricity to connect electricity to the project, which will take place by the end of the month.
Al Mazaya's marketing team has prepared a comprehensive marketing plan targeting radio stations, newspapers and magazines, as have placed advertisements on towers and roads. In addition, all public sector establishments and large private sector firms have been supplied with the benefits and features of operating from Mazaya Tower in Kuwait Business Town.
Mazaya Towers are strategically situated in the heart of Kuwait Business Town on Omar bin Al Khattab and Khalid bin Al Walid roads, the main business districts in Kuwait. The KD30 million project consists of various high tech, fully equipped smart offices, and facilities include state of the art conference halls equipped with modern technology, high-level security systems, modern interiors, parking for residents and visitors, high-speed elevators and a cafeteria.
Mazaya Towers are also provided with state of the art communication and IT networks that support all types of applications, including sound, data and video applications for the commercial compound's tenants and visitors. Mazaya Towers' tenants and visitors will also be provided with convergent networks and a broad range of information technology services, including wire and wireless internet services, digital advertisements, telephone calls, security and data centre services.
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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, 7 Zones, Al Roya, Clover Clinic, and Kuwait Business Town. In Dubai their projects includes (but not exclusively): The Villa, Dubai Healthcare City, The Icon (1&2), Sky Gardens, Al Mazaya Business Avenue and Queue Point at Al Liwan, in addition to several other projects in Lebanon and Jordan. Al Mazaya Holding has conducted several feasibility studies for strategic investment in number of property markets and has investments in others such as KSA, Bahrain, Oman and Qatar, with the aim of achieving high returns.
For more information, please contact:
Serine Srouji
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Mob: +961 3 581 208
Email: serin@saharagcc.com
www.saharagcc.com
© Press Release 2010
