Kuwait’s Al Mazaya Holding says UAE subsidiary has sold Dubai property for $20.9mn
Deal will be implemented in both cash and kind, developer says
Al Mazaya Holding, a Kuwaiti real estate development company, has said that one of its UAE-based subsidiaries has signed an agreement for the sale of a property in Dubai for $20.9 million.
In a statement, the company said that the deal will be implemented in both cash and kind, where the cash sum will amount to $10.8 million, and the payment-in-kind to $10.1 million. The transaction will be settled by transferring other income-generating real estate units, from the buyer and registered through their fair value (FV), as per the International Standards for Financial Reports (ISFRs).
As a major player in the region, Al Mazaya provides a wide spectrum of real estate products and services – from purchasing, apportionment and developing of large areas in select zones to offering ready-to-use residential and commercial spaces. It is listed on both the Dubai Financial Market (DFM) and Boursa Kuwait.
