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Shareholders of Al Mazaya: I wish to take this opportunity to confirm that Al Mazaya has been able to maintain its strong
operational performance, and its prestigious position in the market within the framework of an ambitious (but realistic) plan and
long term strategic objectives. Short-termism can be a curse, and it is one we have avoided by keeping sight at all times of out
long term goals.
2013 witnessed a whole series of achievements and successes of which we can rightly be proud. Despite global financial
circumstances since 2008, Al Mazaya has managed to remain strong and solid through the continuous implementation of its
projects, which have become more resilient and recognized, with increased revenues through the completion of new projects and
income-generating assets.
Shareholders: Your company has succeeded during 2013 by entrenching itself in the market through a number of active steps,
including the restructuring of all financial obligations, which has provided the liquidity necessary for operational projects and
support for the timely delivery of existing projects, including the Villa Residential Project and «Liwan» Project” in Dubai.
Moreover,
The company has also been able to close a large number of successful transactions, which have contributed to the upgrading of
the financial situation of the company and increase in its assets, including taking possession of a third tower in the heart of the
capital of Kuwait (Al Mazaya Tower 3) through a swap deal that resulted in the sale of office space in Mazaya Business Avenue in
Dubai, in exchange for the Kuwait City tower and two pieces of land in the Q-Point Project .
Furthermore, the company has entered the sector of Warehouse and Logistics through the development of an industrial project in
Bahrain Investment Warf worth more than KD 6 million. The company has recently finished the design and licensing procedures,
as well as the establishment of steel work tender to the specialist contractors. The implementation and leasing work will be
completed by the end of this year.
Esteemed shareholders,
Speaking on behalf of Al Mazaya’s management team, I wish to assure you that our ambition has no limits, and that Al Mazaya›s
future will be replete with further studies for new income-generating and available-for-sale projects. Al Mazaya has conducted
extensive studies of the local, Gulf, and regional markets, as preparations to enter into the right sectors that achieve the returns
we expect with the low risk we need, taking advantage of the company’s previous experience and the current market factors. We
at this time emphasize that Al Mazaya still has many investment opportunities under study, which are intended to see the light
in the near future, in accordance with the strategic plan of the company. These projects will help the company achieve another
quantum leap ahead.
The company›s plans for the current year are to focus on getting into investments in new markets, following a strict schedule in
the execution and delivery of the current projects, bringing a broad marketing plan to market, selling all the current projects, and
completing the Al Mazaya Logistics project, so it can be fully leased.
Thank you for your vision, patience and integrity, and Peace Be Upon You.
Eng. Ibrahim Al Soqabi
Group CEO
