Dubai based Ayana Holding in possible $576m development in Kazakhstan

Dubai: Two Dubai companies are joining hands in a mixed-use project in Kazakhstan’s capital of Astana, with the first phase expected to cost $576 million.

Ayana Holding and Nad Al Shiba Holding will be lead developers for The Grand Mosque Residences project, and which also involves the Kazakh Invest National Company.

The latter will support on-ground operations and liaise with the Kazakhstan government for approvals and land allocation. The Kazakhstan’s economy grew 3.4 per cent in the first-half of the year, while foreign trade increased 39.4 per cent to $63.7 billion. The growth was driven by a rise in construction, IT services and trade.

Kazakh Prime Minister Smailov said the government is ready to provide ‘necessary assistance’ in the construction of the complex. Both parties have agreed to continue work on the ‘transition and practical implementation of the project’.

“Almost 58 per cent of the Kazakhstan population live in urban areas like Astana and there is an increasing shift from rural communities too. As the demand for residential property grows, this project comes at the ideal time,” said Abdulla Lahej, Chairman of Ayana Holding.

The Grand Mosque Residences will be a regional attraction point for many investors and designed to serve increasing local demand . It uses a mixed-use approach, where the complex consists of residences for the end-users, offices for large corporations and retail showrooms for international brands

- Mohammad Helal Salem, Chairman of Nad Al Shiba Holding