DUBAI // Al Mazaya Holding, a Kuwait-based property development firm, is to set up three new subsidiaries to diversify its revenue base and tap into a growing regional investment capital market.
A new unit called Mazaya Investments will be based in the Dubai International Financial Centre, and will manage funds and portfolios on behalf of other investors.
"Our geographical expansion into different parts of the region has resulted in a portfolio of projects with a total value of over US$40 billion (Dh146bn)," said Khalid Esbaitah, the deputy chairman and chief executive of Al Mazaya Holding.
Two other entities will also be set up, one in Ajman and the other in Bahrain, to manage property developments in those regions. The new units follow on the recent establishment of subsidiaries in Qatar and Saudi Arabia.
The firm, which is listed on the Kuwait and Dubai stock exchanges, is developing the 60-storey Al Mazaya Tower on Dubai's Sheikh Zayed Road, which is scheduled for completion in Dec 2010.
It also has four residential plots in Nakheel's Waterfront development, the largest of its kind in the world and that would add more than 70 kilometres to Dubai's coastline. Nine plots in Downtown Jebel Ali are also being developed.
skhan@thenational.ae
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The five pillars of Islam
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
