Al Mazaya Holding, one of the leading real estate development companies in the Middle East, has announced that it has inked a pact with Al Shall Consulting Company for consultancy services to acquire First Dubai Real Estate.

The sources said that this move by Al Mazaya comes as the next step in its attempt to acquire the remainder of First Dubai's shares, of which Al Mazaya already holds 67%.

The sources further added that Al Shall Consulting will do a full analysis of Al Mazaya and First Dubai in 8 weeks.

While commenting on the occasion, Mr. Salwa Malhas, Executive Vice-President of Al Mazaya Holding, stated, “The acquisition process is an important strategic step made for the good of the company. The process will also increase Al Mazaya's capital, maximise profits for the shareholders, and increase productivity to develop projects with the highest standards, as well as improving workers' skills and productivity.”

Headquartered in Kuwait, Al Mazaya Holding is a joint-stock company with a capital of KD45.5 million, and is listed on the Kuwait and Dubai Financial Markets.

Al Mazaya provides numerous products and real estate services in the commercial and residential sectors.

(via TopNews Arab Emirates. Contributed by Sadik Al Rumaithi)