Mazaya Qatar IPO next month

Mazaya Qatar Real Estate Development Company yesterday said the initial public offering (IPO) on its stock is scheduled for January 2010. The company received the approval of the Qatar Financial Markets Authority.

The nominal value per share and details such as minimum and maximum subscription will be announced later.

"Mazaya Qatar's decision to offer its shares for public subscription reflects its commitment to carrying out its planned strategy of developing ambitious real estate projects and entering real estate consortiums in Qatar," said a statement.

Speaking of the IPO, Rashid Fahad Al Naimi, Chairman of Mazaya Qatar, said: "The Qatari real estate market will soon see the offering of Mazaya Qatar stocks for public subscription, in line with the plans the company has had since its inception.

"We have full confidence in the resilience of Qatar's real estate market and the numerous untapped opportunities that exist in this promising market. We trust the company's management and its ability to plan and carry out projects to the highest standards."

Mazaya Qatar Real Estate was established as a Qatari shareholding company and under the terms and conditions of the Company's Memorandum and Articles of Association. The Sharia-compliant company specialises in real estate development and investment, including residential, commercial and industrial compounds, real estate consultancy and research and maintenance.

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