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sale, and last but not least, the investor confidence in the company’s brand. The intensive sale operations
and high occupancy rates at the company’s income-generating streams pushed the operating revenues to
around KWD 55.17 million by the end of 2016. This has resulted in sales revenue of KWD 47.81 million.
The total rental revenues have also jumped by 15.19%, from KWD 6.17million in 2015 to KWD 7.11
million by the end of 2016.
Dear Shareholders
During the last year, Al Mazaya Holding was able to maintain its resilience and pioneering position in all
its business sectors. The resounding success achieved through the new markets tapped by the company
over the past years has fructified into increasing assets, the total value of which amounted to KWD 254.78
million by the end of 2016 from KWD 251.04 million in 2015. The company’s total equity reached KWD
119.61 by the end of 2016 against KWD 111.45 by the end of 2015.
Noble Shareholders
Thanks to the high revenue reaped the last year, Al Mazaya Holding’s Board of Directors has recommended
8% cash dividends, which is equal to 8 Kuwaiti fils per share, to our esteemed shareholders, in a fresh sign
of the company’s commitment to sharing its results with our shareholders, and in renewed proof of the
company’s financial strength, solvency, and balanced future plan. We submit this recommendation to your
annual general assembly for approval, after fulfilling all the requirements of the Capital Markets Authority
and the state regulators concerned.
Esteemed Shareholders
It gives me great pleasure and pride to present to you some of the main achievements we have made in
2016 with regards to the launch of new projects, including the Queue Line Residential Project in Dubai,
the construction, sale and delivery work of which has been completed. Up to 70% of the Clover Sabah al
Salem development has been completed as well and the project is expected to be handed over this year.
Al Mazaya Holding increased its shares in its Turkish partner that owns the Ritim Istanbul Development
from 50% to 100% having the complete ownership to Mazaya and its strategic investors.. Over 80% of the
Ritm’s units have been sold and 50% have been rented.
The company has beefed up its connections and business relationships with a large number of banks and
investors, getting new credit facilities that have significantly contributed to the company’s growth.
Honorable Shareholders
In conclusion, it gives me great pleasure and pride to express my deep sense of gratitude to the significant
and continued support of our esteemed shareholders to the Board of Directors and the Executive
Management. I assure you that we will relentlessly continue to execute the comprehensive strategies that
you have developed in order to push the company further to new heights of excellence. We will spare no
effort to meet your expectations while following global standards in areas of management, planning and
execution.
May Peace, Mercy and the Blessings of Allah be upon you all!
03
ANNUAL REPORT
2016
Chairman
Mr. Rashid Y. Al Nafisi