Message of Engineer Ibrahim Abdulrahman Al Soqabi
Mazaya Holding Company KSCP (Holding)
Ladies and Gentlemen, Our Dear Shareholders
Peace, Mercy and Blessings of God!
I am pleased to renew the meeting with you. As accustomed every year, I thank you for your continuous support, which is considered as the first driver for the advantages to continue the progress. As usual, we meet together today through this annual report to evaluate the performance of the past year and shed light on the most important achievements accomplished by the Company in the year 2021, which would not have been achieved if it were not for your precious trust, which forms the backbone of our output and our continuity.
The year 2021 was the year of challenges and difficult choices, which were able to keep pace with by following conservative strategies and policies in light of the major changes witnessed by the real estate markets in which we do our business.
Today, we are keen to establish firm rules whereby our future aspirations are elevated through our strategic vision aimed at enhancing and diversifying our distinguished investments into new sectors, markets and tools, according to a firm line towards progress, prosperity and growth, armed with administrative and operational work standards based on transparency, credibility and sustainability.
Dear Brothers and Sisters,
In light of such changes, we were keen to promote the Company’s revenues from its fixed incomes in order to boost its performance in the markets in which we work. With the help of God, we were able to preserve a stable pace in the Company’s operational revenues resulting from the leasing operations, with a frantic pursuit towards achieving high occupancy rates in the Company’s income-generating projects and increasing its direct and indirect revenues to maintain the Company’s business model, which includes a diversified portfolio of geographically distributed assets on the one hand, and assets that depend on the quality of different returns on the other hand.
Dear Sisters and Brothers,
During the past year, we have exerted our best efforts to avoid and overcome the challenges, changes and negative impacts which the markets of the region underwent as a result of the implications of the spread of Covid 19 pandemic, armed with a number of alternative strategies and plans, through which we reached a more stable and safer level.
We may say that we were able to realize good operational revenues despite the surrounding conditions, in which we had to take firm and influential decisions at the same time, based on the directives of the Company's board of directors, and the efforts of the executive management and specialized teams.
My Sisters and Brothers,
The Company exerted a great effort to maximize the benefit from its expertise and projects under its umbrella in the healthcare sector, in the form which promotes the optimum utilization of the available and income yielding opportunities. The Company entered in new projects without the need to inject significant capitals, similar to “Mazaya 6” and “Mazaya 7” projects, in continuation of the series of Mazaya specialized projects in this significant and vital medical real estate sector, and endeavour to realize rewarding returns for the Company.
On this basis, I’m pleased to present to you a number of the Company’s achievements during 2021:
- Incorporation of the Med Cell Medical Company, as a subsidiary of Mazaya Holding Group, specialized in healthcare objectives, which include the incorporation of medical clinics, laboratories, x-ray and everything relevant to this sector.
- The Company entered new projects within the healthcare sector, represented in “Mazaya 6” project in Salmiya area, along the Gulf Road directly, which consists of two towers of a height amounting to 26 floors of diversified areas and modern designs, and “Mazaya 7” project in a strategic location in Jahra area, of a height of 13 floors, which includes a selection of doctors of different specializations.
- The Company was able to structure the loans with the majority of banks with which it works, by transferring medium term loans into long term loans.
- The Company started the development of a healthcare application “Salamtek”, which includes integrated medical services that fullfill all the needs and requirements of doctors and patients alike.
- Mazaya Company fostered its real estate portfolio through one of its subsidiary companies’ signing of third party real estate management contract, as part of Mazaya’s plan to diversify the sources of income.
- Mazaya promoted the rental incomes from its currently existing and fully occupied projects, by renewing the lease contracts with clients by a percentage which is in line with the prevailing market rates and the services provided by the Real Estate Department in the Company, which reflected on increasing the operational revenues resulting from the rental operations.
Our Valuable Shareholders:
Hoping to meet with you next year, God willing, I reiterate my appreciation for your trust in us. Further, we promise you to continue working for achieving the awaited growth for Mazaya Company and safeguard the equities and contribution in the progress and development of your Company towards the best in order to achieve Mazaya’s vision aimed at leadership and innovation in providing unique products in order to achieve the objectives and aspirations of our valuable shareholders and clients.
Peace, mercy and blessings of God,
Ibrahim Abdulrahman Al Soqabi