Kuwaiti firm is looking to diversify its sources of revenue and reduce exposure in Dubai due to difficulties with existing infrastructure and master developers, chief executive says
The general assembly of Kuwaiti real estate developer, al Mazaya, has said its projects portfolio in Dubai is for sale, as the firm seeks to diversify its sources of revenue.
The company is also studying the feasibility of developing multipurpose plots of land in Oman, Bahrain, Sharjah and Lebanon. “We want to reduce our exposure in Dubai because of difficulties with existing infrastructure and master developers,” al Mazaya chief executive Nayef Mohammed al-Awadi told Bloomberg.
Al Mazaya will shift from focus on one region to various markets and from one work model to various work models, including sales, income generating projects, management services, and government services, al-Awadi said.
The developer has said its operational profits rose in 2011 to $312.86m from $42.8m in 2010, while total profit jumped from $13.9m in 2010 to $98m in 2011.
“Neither the company’s financial results, nor its share value reveals its true performance, or its ability to develop and progress,” al-Awadi noted.