Mazaya Real Estate Development has announced the completion of the selling of Gloria Hotel, owned by one of its subsidiaries.
The hotel is located in Doha, overlooking the Corniche, said the company, which is finalising the procedures to complete the sale.
In light of the instability in the regional and international real estate market, and the impact of the global health crisis on various companies specialised in this sector, Mazaya was able to complete the selling transaction of Gloria Hotel for QR115mn.
The successful deal is a major achievement for the company, as it is seen as a positive development amid the coronavirus pandemic, which has significantly affected all types of business operations. Mazaya managing director Ibrahim Jaham al-Kuwari said the company will focus the direction of the transaction’s investment return to future projects, offering the best returns by working under safe investment conditions, resisting the market rebounds during crises and unstable economic conditions, and ensuring the flow of profitable liquidity to the company, in accordance with the guidance of the chairman and board members for the best interest of the shareholders.
Mazaya completed the selling transaction of Gloria Hotel for QR115mn, a major achievement for the company, as it is seen as a positive development amid the coronavirus pandemic.
