Facts & Figures

2006 Established as a PJSC with a paid-up capital of AED 500 Million.
2007 Commenced procurement of strategic land sites across Dubai.
2008 Secured a finance of approximately AED 700 Million through a mix of a syndicated loan and other Islamic facilities. Share capital was increased through a bonus share offering to AED 550 Million
2009 Share capital increased further by a bonus share offering to AED 577.5 Million based on the 2008 performance. However, with the onset of the global financial crisis, Mada’in focused on:
  • Reduction in operational cost of over 70% while still maintaining operational efficiency.
  • Consolidation of the portfolio and renegotiation with creditors with an aim to reduce liabilities.
2010 Revocation of the syndicated loan and other Islamic facilities forcing Mada’in to review its strategy moving forward.
2011 Secured a new Islamic finance facility for Marina Arcade project for AED 100 million. Secured a joint venture partner for AED 200 Million for the Marina Arcade project.
2012 Reduction in share capital to AED 224 Million mainly due to impairments on the land bank. Joint venture partner rescinded on the commitment forcing Mada’in to re-strategize its developments.
2013 Tendered for the construction of Marina Arcade residential project. The project was awarded to AlRostamani Pegel LLC.
2014 Commenced construction of Marina Arcade residential project. Completed consolidation of its portfolio.
2015 Steady progress in the construction of the Marina Arcade project along with the completion of the superstructure and show apartments.
Q1 2017 Completion of Marina Arcade residential project.