Al-Mazaya Holding Company - K.S.C. (Public) agreed to acquire an unknown minority stake in First Dubai Real Estate Development Company - K.S.C. (Public) on September 25, 2023. The share swap which represents the consideration that First Dubai Real Estate Development will receive 0.497shares of Al-Mazaya Holding Company in exchange for 1 share of First Dubai Real Estate Development. The transaction has been approved by Gulf state?s Capital Market Authority.

The transaction is subject to Al-Mazaya Holding Company - K.S.C. and First Dubai Real Estate Development Company shareholders approval. The board of Al-Mazaya Holding Company has approved the deal. The transaction is subject to obtaining all required approvals from relevant regulatory authorities.