First Dubai Real Estate Development Company, a fully-owned subsidiary of Al-Mazaya Holding, raised its capital by KD78 million from KD22.075.900 to KD100 million on Monday. The company will issue the equivalent of 779,241,000 shares at a nominal value of 100 fils per share in order to up its liquid capital by 353 percent, raising a total of KD77,924,100 to make up the capital sum of KD100 million. Existing shareholders will benefit from this pre-emptive offer by making a once-off payment within 15 days, after which new shareholders may subscribe. The firm's board of directors has been authorized to regulate and oversee the terms and conditions under which the capital is to be raised. The company's new capital was specified at KD100 million divided into 1 billion shares valued at of 100 fils per share, all of which are cash shares. Siraj Al-Baker, chairman of First Dubai Real Estate Development Company, said: “This capital increase will funding our expansion plans across the GCC and the surrounding regions. This expansion, in turn, will open the door to further investments and projects, which need solid financial backing in order to meet the requirements of such an expansion strategy.” He added that the company has aggressive expansion plans, including the development of its AED450 million “Morina Residence”, a leading project ideally located near the Gate of Shams Abu Dhabi on Al-Reem Island. Al-Baker also announced First Dubai Real Estate Development Company's first project, following the purchase of four plots of residential land for KD66 million. The plots form part of the prestigious Waterfront Project. __
