\nDubai: Real estate company Al Mazaya Holding on Sunday announced it has bought back six per cent of its shares from the market in a bid to benefit its revenues.\n<\/p>\n
\nDue to correctional movements in the financial markets, senior officials at Al Mazaya believe that by buying back shares it can boost the market value of the company’s equities.\n<\/p>\n
\nThis decision follows the recent introduction of a law allowing companies to buy back a maximum of 10 per cent of their total shares.\n<\/p>\n
\n“Al Mazaya will target the full 10 per cent and this will be among the coming days since it has now reached 6 per cent (directly and indirectly),” Khalid Esbaitah, chief executive officer of Al Mazaya Holding told Gulf News.\n<\/p>\n
\nThe total value of this already purchased six per cent of shares equals around Dh254 million, Esbaitah said. Esbaitah also said there was a “strategic plan to release these shares (back) in the market at the right time”.\n<\/p>\n
\nAl Mazaya’s projects and investments have been rolled out over a five year plan. DIFC-based Sky Gardens residential project has contributed “significantly” to the firm’s success, having been sold to Amlak at a profit of Dh999 million. Around Dh653 million went straight to Al Mazaya.\n<\/p>\n
\nThe company intends to include Dh361 million of this amount to this year’s budget, while the remaining Dh291 million will be allocated to next year’s budget, Esbaitah said.\n<\/p>\n
\nCommercial tower\n<\/p>\n
\nAl Mazaya also has projects underway, including Queue Point at Al Liwan, Business Avenue Towers and Icon Towers in Jumeirah, a commercial tower on Shaikh Zayed Road and another project in Downtown Jebel Ali. Also on the card, are several projects in Kuwait.\n<\/p>\n
\nOfficials at Al Mazaya believe that by buying back the shares, it can boost the market value of the company’s shares. This decision follows the recent introduction of a law allowing companies to buy back a maximum of 10 per cent of their total shares.<\/p>\n","protected":false},"excerpt":{"rendered":"
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