Esbaitah: "The great popularity for Queue Point proves that all stratum of society wish to take avail of high-class and modern environment"

Dubai- April 1, 2007: Al Mazaya stature in the Arab World is growing from strength to strength with the definitive impact they are continuing to make on the Kuwaiti and UAE's property market. As one of the region's most powerful up and coming realty developers, Al Mazaya's mission statement is to create a complete renaissance in the markets that they are establishing projects in, with the establishment of developments and initiatives that directly answers the needs of the communities they are based in.

As a result for this policy, Al Mazaya have succeeded in selling 100% of Phase 1 of their Queue Point project situated Al Liwan. Achieving this feat of selling 1000 apartments only took three weeks for the firm from the date the project was initially launched - reflecting the high demand for these apartments. With this success Al Mazaya plan to launch Phase 2 of the development during the "International Property Show 2007", the largest property show in the region, from the 3rd till the 5th April, at Dubai International Exhibition Centre, where more than 20000 visitors from around 70 countries are expected to attend.   

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 May and be completed by 2009.  

"Recording more than 25000 visitors and receiving more than 1000000 calls to our call center asking to know more about Queue Point, proves that there is a definite market demand from individuals from all walks of life, to live in a state-of-the-art high class environment. Queue Point's close proximity to major business and educational hubs and other vital centers that form the nerve of Dubai, have all fueled the popularity for this project and the potential for more to be developed within the UAE", said Eng. Khalid Esbaitah, Al Mazaya's Managing Director and CEO.

Q- Point located near the Emirates Road at the intersection of Al Ain Road, comes with an investment price tag of Dhs 2 billion. It will include multiuse buildings varying between residential and commercial, consisting of 5 to 15 floors and finished in a style reminiscent of the architecture San Francisco is famous for. Promising to be affordable for all elements of society, the buildings will consist of a combination of residential and commercial units with areas for gardens and waterfalls.

"Queue Point project was launched after the conducting of extensive studies which assessed the feasibility and benefit for such a project. As a fully integrated development featuring a beautiful design, its competitive pricing and convenient financing options offers a means for individuals and families who are low and middle income wage earners, to own their own homes, without us having to compromise in the quality of materials used nor the beauty of its designs", added Esbaitah.

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.

It is worth mentioning that Mizin, the main developer of the project, has finished the infrastructure for the development and will deliver the plots during April 2007, allowing for work in Al Liwan to commence as soon as possible, with an anticipated completion by the end of 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