Annual report eng.2018

ANNUAL REPORT 2018 05 During 2018, the company managed to sell 200 apartments at a total revenue of KWD13.58 million despite the market challenges by adopting a sales policy that reduces our exposure to the markets we are working in. In this regard, I would like to present to you some of the company’s achievements recorded in 2018: •AlMazayaResidence Al Mawaleh’s Phase I in Oman has been fully completed and a h o u s e h o l d e r s ’ association has been e s t a b l i s h e d a n d registered with the competent authorities in the Sultanate. Over 50% of the project’s 148 apartments and shops has been sold. Al Mazaya Residence i s a n i n t e g r a t e d r e s iden t ial pr oj ec t located in the Al Seeb Province in the heart of the Omani capital, behind City Centre. • C o m p l e t i o n o f cons t ruc t ion work at the Al Mazaya Residence 132-unit Pha s e I I . • Al Mazaya has made significant progress in signing new investment contracts for managing its third project at the medical sector, “Mazaya Clinic III” which consists of 25 floors and a total area of around 4,000 square metres in Bneid Al Qar area. Work is in full-swing to equip the building and prepare it for receiving contracting doctors. • Completion of the schematic design phase at its new project in Al Sharq area in Kuwait (Mazaya Downtown) t h r o u g h PACE , a n integrated architecture, d e s i g n , p l a n n i n g and consulting firm based in Kuwait in preparation for initiating construction work. • Continuing selling and renting of the remaining units at the Ritim Istanbul Development, which consists of 6 residential towers and a shopping mall. • New credit facilities have been secured from local and other Gulf banks to develop new projects. • Capital Intelligence Ratings affirmed the ratings of Al Mazaya Holding’s long- term and short-term ratings at a “Stable” outlook. Ladies and Gentlemen, I would like to thank the Chairman and BoardMembers of Al Mazaya Holding for their unlimited support. I would also like to extend my thanks and appreciation to the partners and shareholders of Al Mazaya and to all those who’ve been contributing to our success story for their dedication and relentless efforts in leading, implementing and executing the company’s business model with creativity and leadership, and for their constant commitment to the mission and vision of Al Mazaya and our strategic plans set to achieve the goals and aspirations of our shareholders and valued customers. Peace, mercy and blessings of God be upon you all.... Message from the Chairman Message from the Group CEO Operations & Services Mazaya Projects Corporate Governance Report Audit Committee´s Report Financial Report 2018 Board of Directors & Executive Management