Al Mazaya Holding, a Kuwaiti property developer, is seeking to increase its control of First Dubai, a Dubai property firm. It already owns 67% of the company and has hired Kuwait’s Al Shall Consulting to advise on purchasing the rest.
The acquisition is another sign of consolidation in the sector, which has seen business decline sharply with the global economic downturn.
First Dubai said first quarter profit doubled from the same period in 2008. During the first three months of this year, it made Dh88.67 million compared to Dh44.48m in the same quarter last year.