Qatar firm plans Dubai plots

Dubai: Qatar-based Mazaya Qatar Real Estate Development is weighing its options in Dubai’s property market. It owns title deeds to five plots, three of which are near the corner of Al Ain Road (E66) and Emirates Road and the other two on the waterfront “towards the marina and further,” according to Hamad Bin Ali Al Hedfa, CEO.

The real estate firm is helming the to-be-developed 1 billion Qatari riyal Marina Mall in Doha. With work starting next year, the development will spread over 57,000 square metres and have a leasable area of 72,000 square metres. Set to be one of the largest malls in Qatar, it is due to open in 2016.

Mazaya Qatar’s move into the UAE market comes after holding the plots for nearly five years. Hedfa said the Dubai’s latest promise meant that now is a good time to make the move.

The company will look to “mostly” develop residential and commercial properties. However discussions could lead to the development of a “sophisticated medical lab,” Hedfa said.

Hedfa said Mazaya Qatar would also consider entry into other emirates and that further details would be announced later.