Mazaya Qatar will announce its first project soon, its chairman said in a statement today.

The company revealed the news as it announced plans to offer 50% of the company in an IPO open only to Qatari citizens and firms.

“During the previous period, we preferred to reserve shareholders’ money and keep it away from risky projects because of the instability of the global real estate market,” said Rashid Fahad Al Naimi, chairman of Mazaya Qatar.

“The board of directors decided to wait and study the market so as to be able to identify the perfect timing to take advantage of opportunities. The company’s first project will be announced soon.”

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