Al-Mazaya Holding Co. (MAZAYA), a Kuwait- based property developer, plans to reduce its business in Dubai, Chief Executive Officer Nayef Mohammed Al-Awadi said, citing difficulties.
“We want to reduce our exposure in Dubai because of difficulties with existing infrastructure and master developers,” Al-Awadi said in an interview today in Kuwait.
Construction companies in the United Arab Emirates are searching for work in other markets after $964 billion in projects were halted or canceled in the country as of last November, Citigroup said in a Jan. 6 report.
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