Mazaya Real Estate Development is considering a strategic partnership with Ariane Real Estate to develop part of the Ariane City project located in Mesaimeer, where the Company had reached an advance stage of studying this partnership.
The project is under implementation and is expected to complete phase 1 by the second half of 2021 as the city offers a harmonious mix of residential buildings and commercial spaces such as Boulevard Street, hospitality, various uses and commercial spaces, as well as retail and entertainment spaces.
Eng. Ibrahim Jaham Al-Kuwari, Managing Director of Mazaya Real Estate Development, stated that the idea of a partnership in developing this project is a step in the right direction to translate the directives of the Chairman and members of the Board of Directors to invest shareholder funds in projects that guarantee the flow of remunerative liquidity to the company for the benefit of the shareholders. This partnership is a new step to increase the company's sources of income. The managing director also stated that the return from these buildings is guaranteed according to the agreement to be entered in with Aryan Real Estate, as it will leasing these buildings at a fixed return for a period of 5 years.
On the other hand, Mr. Khalifa Jameel Al Majed, Chief Operation Officer at Aryan Real Estate welcomed this cooperation between the two Qatari companies and hoped that it would be the beginning of other new collaborations in future projects.
Aryan Real Estate manages many large projects in different parts of the country and one of the most important of these projects is the project (Ariane City) located in Mesaimeer on a total area of 1,236,552 square meters, which contains approximately 196 residential buildings in addition of 1 km dedicated to retail shops, boulevard and commercial street, hospitals and schools as well as the various other services that cover the needs of the residents of this city.
