Dubai – Mubasher: Mazaya Holding’s stock surged by 20% in market value, following a ‘buy’ recommendation by a notable financial institution.

In its statement to the Dubai Financial Market (DFM) on Tuesday, Mazaya stated “a report issued by NBK Capital recommends buying Al Mazaya Holding shares. This is following carrying out [an extensive] research that supplied a SOTP methodology using discounted cash flow method for both real estate investments under development and investments available for sale”.

Mazaya’s fair value (FV) is KWD 0.165 per share, a 56% rise in the share price traded at the end of last week, which coincided with the issuance of the report as the share was then traded at KWD 0.106.

“The report included a full study on the assets of Al Mazaya Holding Company, its subsidiaries, its investments, the volume of its revenues, ongoing and future projects, total liabilities and the volume of loans which all reflect positive results and insight strategic vision in accordance with the high financial insolvency and a strong balance sheet,” Al Mazaya noted.

Mazaya highlighted that NBK Capital’s valuation has nothing to do with the FV mentioned in the report.

It is worth noting that Al Mazaya Holding recently announced that one of its subsidiaries, Dubai First for Real Estate Development, had inked an Islamic facilities agreement with a UAE bank in Dubai.


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