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Mazaya mulls key Qatari real estate merger

DOHA, December 25, 2018

Mazaya Qatar Real Estate Development said it is studying the possibility of a merger with Al Bandari Real Estate Company, one of the country's leading real estate companies with a portfolio of premium luxury projects.

The move comes in line with Mazaya’s policy to join projects and transactions with a suitable income, thus enhancing the position of the company in the local market through the increase of assets.

Mazaya's board of directors have issued directives to appoint legal and financial advisors for conducting feasibility studies and later present the final results to the board for appropriate decision making.

Confirming the study, Hamad bin Ali Al Hedfa, Board Member and CEO of Mazaya, said: "The value of the transaction will be determined after the consultants' work has ended, and such transaction is expected to have its positive return, which results in an increase in the company's profits and assets and enhances the stability of the company domestically and strengthens it regionally."

On the Al Bandari tieup, Chairman Rashid bin Fahad Al Naimi said: "It is a strategic partnership aimed at boosting its presence in the region. Al Bandari is one of the leading real estate companies in Qatar and owns couple of income generating assets besides providing supporting services for the real estate."

"The transaction is in line with the policy of Mazaya Real Estate Development, to enter into projects and transactions with a suitable income, which increases the position of the company in the local market through the increase of assets, which reflects positively on the earnings per share and benefit the shareholders," he added.

Al Bandari Chairman Mohammed bin Abdul Latif Al Mana said: "Mazaya Real Estate Development is one of the leading real estate developers listed on the Qatar Exchange. It has been a pioneer in the implementation of BOT contracts based on eco-friendliness and sustainable development standards in the development of its real estate projects."

"The company's expertise in such investments is an added value to the potential deal between the two companies," stated Al Mana.

He pointed out that the potential transaction would expand the customer base of both companies and raise the value of the companies' financial leverage in terms of increasing their real estate assets and their unlimited expansion to develop the real estate sector in all its aspects through the launch of new projects and increase the volume of sales and the pace of implementation.

The success of the transaction will create a new entity that will be one of the largest players in the Qatari real estate sector, he added.-TradeArabia News Service

Tags: merger | Mazaya | Qatar Real Estate |

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