Tuesday, November 21, 2006

Mayadeen buys buildings in Emaar Business Park

Kuwait's National Ranges Company (Mayadeen) said it has acquired two buildings in Emaar Business Park on Sheikh Zayed Road for Dh500 million. It also announced plans to invest another Dh105m in a commercial building under construction at Dubai Healthcare City.

The company has bought three adjacent lands 1,231 square metres in the Shams Abu Dhabi development. The firm is buying real estate assets in Dubai and Abu Dhabi in order to expand in the real estate sector.

The company plans to build four high-rise towers for residential and commercial use in Shams Abu Dhabi. Construction is slated to begin early next year and is expected to end in mid-2009.

Mayadeen has bought Building No 2 and No 4 in Emaar Business Park on Sheikh Zayed Road. They are fully occupied and have a combined built-up area of 34,627sq m, and have a current rental yield of 6.2 and 8.6 per cent.

Mayadeen has contracted to buy an office building that is under construction in Dubai Healthcare City, with a built-up area of 7,523sq m, for Dh105m. It is expected to be completed by the end of this month.

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