||Established as a PJSC with a paid-up capital of AED 500 Million.
||Commenced procurement of strategic land sites across Dubai.
||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
||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.
||Revocation of the syndicated loan and other Islamic facilities forcing Mada’in to review its strategy moving forward.
||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.
||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Joint venture partner rescinded on the commitment forcing Mada’in to re-strategize its developments.
||Tendered for the construction of Marina Arcade residential project.
The project was awarded to AlRostamani Pegel LLC.
||Commenced construction of Marina Arcade residential project.
Completed consolidation of its portfolio.
||Steady progress in the construction of the Marina Arcade project along with the completion of the superstructure and show apartments.
||Completion of Marina Arcade residential project.