Al Mazaya Holding is a company that is based in the United Arab Emirates, but they decided that it was time to expand their business outside of the borders of that particular country.
To that end, they have made a purchase of SAR 400 million in order to acquire land in the Saudi Arabian city of Al-Ahsa and start a residential project on the land that they have purchased. This is part of what is rumoured to be a much larger push by Al Mazaya to expand their operations into all of the Gulf countries and it has been reported that they are currently considering the viability of dozens of different projects.
This first project in the country of Saudi Arabia will be handled by a new company called Saudi Mazaya and the new company will hierarchically be separate from the company currently headquartered in the UAE. The new company was considered necessary because some of the additional projects Mazaya is currently considering would be located in Riyadh and Jeddah and therefore it would not be surprising at this stage to see the company grow to a large size as it begins to create multiple projects within the borders of Saudi Arabia.
Rashid Al Nafisi is the chairman of the Al Mazaya Holding Company and in a recent interview with Emirates Business he said that the decision had been taken primarily because of what Nafisi classified as a rejuvenation of the property markets within the country. Nafisi sees the country as holding a lot of opportunity for property investment and hinted that the newly created Saudi Mazaya was likely to take on a number of different projects quickly within Saudi Arabia.
As occurs frequently in these situations, the announcement by Al Mazaya has already triggered additional interest in the Saudi Arabian market and that has already resulted in a measurable increase in demand for properties in the nation. It is expected that the increased demand will cause property values in the area to rise relatively soon.
