Annual report eng.2018

Global economic and geopolitical d evelopments had their own b earings on the property market. The Turkish real estate market, for example, experienced a significant decline in economic activity. Several other markets in the region a lso faced negative developments and reduced sale prices due to v arious economic factors. T ough economic landscape w as about to affect the financial performance of Al Mazaya Holding at a time when the company was p lanning to develop new projects a nd tap fresh global markets to e xpand its business. The changing economic scenario promptedus to revisit our expansion p lans. We started devising a lternative plans to reduce our vulnerability to the sea changes in the market conditions. We worked t irelessly to avoid the besetting market risks as much as possible. Thanks to our executive teams, our c onstant monitoring and proper u nderstanding of the market realities helpedAl Mazaya continue its growth drive in terms of sales and operations as per our set goals and strategies, driven by the prestigious branding and distinguished status of the company in the global market. In 2018, the company continued to report fair operational and financial r esults despite critical challenges that hadbeen and are still impacting the world markets. T hanks to the directives of the C ompany’s Board of Directors and the strenuous efforts made by t he Executive Management and o ther team members, Al Mazaya Holding continued to prosper and g row. The company’s journey of e xcellence and track record of impressive achievements is helping it move ahead on the path of more a ccomplishments. ANNUAL REPORT 2018 02 Ladies & Gentlemen, my warmest greetings to you all. I welcome all the distinguished shareholders to this Annual General Meeting. Like every year, we have gathered here to jointly review w hat Al Mazaya Holding had achieved in terms of business development, operations and marketing campaigns in 2018. We will also analyse the financial results of 2018. The year 2018 was an exceptional one by all means. Al Mazaya Holding successfully managed to cope up with the rapid market changes and multi-faceted geopolitical challenges last year. Regional and international markets in general had been affected by the fast-changing socio-political developments. Almost all the sectors were hit, including real estate. Price corrections witnessed by the UAE markets, particularly Dubai, had a significant impact on the sector amid an oversupply of residential units of all types. Heated competition among real estate developers resulted in price fall, lower sales and slower collection of payments. Mr. Rashid Al Nafisi Chairman