Page 57 - 2023 Auunal Report - EN

56 ANNUAL REPORT 2023

• The Company governance framework, approved by the board of directors, reflects the current tasks and
responsibilities of the chairman for 2023 in line with the corporate governance rules, summarized in the
following;
1) Ensure the board’s discussion of all fundamental maters efficiently and in the proper time.
2) Support and assist the executive management and almost daily coordination with the CEO to follow up the
operations of the holding company and subsidiary companies.
3) Represent the Company towards third parties, as stipulated under the Company articles of association.
4) Encourage all members of the board of directors to participate completely and efficiently in transacting the Board
affairs to ensure the Board’s undertaking of actions in favour of the Company.
5) Ensure actual communication with the shareholders and submit their opinions to the board of directors.
6) Encourage constructive relations and efficient participation between each of the board and the executive
management.
7) Create a culture encouraging constructive criticism on the issues on which there is a disagreement in views
between the board members.

• The Company has a qualified executive management team with a high standard of competence. The corporate
governance framework reflects the current tasks and responsibilities of the executive management, with which it
complies, in light of the powers and authorities granted and approved by the board of directors The following are
the major achievements of the executive management during the year 2023:

1) Execution of all the Company internal policies, rules and regulations, as approved by the board of directors.
2) Execution of the annual strategy and plan approved by the board of directors which includes for example, the following tasks:
- Selling all shares of the subsidiary (Ritim Istanbul) in the Republic of Turkey.
- Distribution of interim dividends for the financial period ending on 31 /03/ 2023 as free bonus shares from Treasury
shares at a rate of 2% to the shareholders.
- Initiating and proceeding with the merger procedures by amalgamation between Al Mazaya Holding Company K.S.C.P.
(Holding Company) (the merging company) and First Dubai Real Estate Development Company K.S.C.P. “First
Dubai” (the merged company) and obtaining all necessary approvals from the relevant regulatory authorities.
- Extending banking facilities granted to the company by some local banks.
- Assisting in selling lands owned by a subsidiary in the United Arab Emirates.
- Assisting one of the subsidiary companies in swapping the rights to purchase real estate (CREDIT NOTE) with (4)
real estate units in the Palms Jabel Ali project in the Emirate of Dubai, United Arab Emirates.
3) Prepare periodical reports (financial and non financial) in connection with the projects and progress made in the
Company’s business, present such reports to the board of directors including feasibility studies, financial and
technical reports on the company's current and emerging projects and activities, including:
- Sky Court
- Q-Point
- Ritim Istanbul mall Project – Turkey.
- Oman Residence Project Zone 1 & Zone 2 – Sultanate of Oman.
- Mazaya Clinic 2 ( Subah Al Salem )– Kuwait.
- Mazaya Clinic 3 (Bnaid AlQar) -Kuwait
- Mazaya Clinic 4 Hawally – Kuwait
- Mazaya Clinic 5 Jabriya – Kuwait
- Mazaya Clinic 6 Samiyah – Kuwait
- Mazaya Clinic 7 Jahraa – Kuwait.
- Mazaya Clinc 8 (Sabah Al Salem) – Kuwait
- Mazaya Towers – Kuwait
- Clover Center Jabriya – Kuwait
- Mazaya logistics – Kingdom of Bahrain
- Sky Gardens – UAE
- Indigo – UAE
- Almaather Towers – KSA
- AlOlayya Tower – KSA
- Jeleeb Al-Shuyoukh complex