QATAR: Mazaya Real Estate Development Q.P.S.C.  has signed an agreement to acquire 4 residential buildings leased for a period of 5 years in Al Sad Area – Doha for QAR 150 Million and work will be done to complete the procedures required to conclude the deal.

Mazaya Real Estate Development is a “Qatari Public Shareholding Company”, established on 10 January 2008 with a capital of QR 1 Billion.

It was established under Article No.68 of the Law No. 5 of 2002 concerning the issuance of commercial companies, and according to the terms and conditions of the Memorandum of Association of the company and its Articles of Association. The establishment of the company was approved under a decision by his Excellence Minister of Business and Commerce No. 22 of 2008.

The Articles of Association was further amended in accordance to Law No. 11 of 2015. The company’s shares were listed on the Qatar Stock Exchange on the 17 October 2010. On July 17, 2019 the capital was split to become 1,157,625,000 Shares equivalent to QR 1,157,625,000 (1 QR per Share) from 115,762,500 Shares equivalent to QR 1,157,625,000 (10 QR per Share).

The company operates in agreement with the provisions of the Islamic law, and specializes in such real estate investment and development as: the establishment of residential, commercial and industrial compounds, real estate studies and consulting, contracting, maintenance, brokerages and commission agencies, property-related commercial and real estate representation, marketing, buildings and facilities management, mechanical and electrical equipment and appliances, import and export related to company purposes, and investment of company funds as a form of effective management of the company’s liquidity at the discretion of the Board of Directors, and any other activities or purposes as subsequently determined by the General Meeting of the company to the extent permitted under the Qatari regulations and laws in force and effect.