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-AlMazaya completed studies todevelop a plot of land for investment inAl Sharq, Kuwait.A reputable engineering
consultant,Gensler, hasbeencontacted tocommence thedesignand licensingworks.
- In preparation for kicking off sales by March 2017, the company started construction work at Mazaya Residence
Development in Oman, which consists of a fully-serviced residential compound.
- More than 70% of its 17-storey medical facility in Sabah Al-Salem, Kuwait has been completed.
3rd GOAL: Periodical Selling, Execution &Delivery of Real Estate Developments
- Five existing projects have already been sold and handed over as part of the first phase of the Queue Line
Residential Project, which consists of two new buildings (R054, R064), in Dubai Land, Dubai. The 230-flat
project, which targets middle-income households, is progressing ahead of schedule and the delivery work has
been completed in a record-breaking 17 months.
- Completed the execution of Ritim Istanbul Development, which consists of 6 residential towers and a mall.
- Completed the execution of ten residential buildings as part of the Queue Point Residential Project and targets
middle-income households.
4th GOAL: 10% Growth in Net Profits
-A net profit of KWD 10.25 million from KWD 9.32 million in 2015
5th GOAL: Sound Management of Company Debt & Securing High Credit Ranking from
Internationally-Recognised Agency
- Acquiring bank facilities worth KWD 8.5 million, reflects a strong financial position and the ability to receive
financial credit for operating activities. The result of the company’s rich portfolio of projects is a liabilities-to-assets
ratio that is less than the required levels set for the Kuwaiti market.
- Capital Intelligence Ratings (CI) affirmed the ratings of Al Mazaya Holding’s long-term and short-term foreign
currency ratings (FCR) at “-BBB” and “A3” with “Stable” outlook. The ratings reflect the company’s financial
strength and ability to meet its obligations in the long term. The agency’s ratings have boosted the confidence of
investors in the company with its strong financial position. The ratings are supported by the company’s diversified
business model, good liquidity and its ability to fulfill its long-term obligations through robust selling and leasing-
generated operating revenues.
6th GOAL: Islamic Sharia-Compliant Operations
- All the company’s developments, including rentals and sales, are Islamic Sharia-compliant.
7th GOAL: Corporate Governance
Al Mazaya Holding is named among the top ten companies complying with corporate governance regulations by
the Capital MarketsAuthority.
8th GOAL: State-of-The-Art Technology
- Company’s financial transactions are electronically linked with all its subsidiaries inside and outside Kuwait via
the ERP technology.
9th GOAL: Maintaining Share Real Value
- Obtained Fair Share Evaluations from the following three independent rating companies with high share ratings
and buy recommendations:
- Arqaam Capital has confirmed Al Mazaya Holding’s share fair value at 160 Fils; 45% higher than its current
trading price at the Kuwaiti Securities Market
- NBK Capital affirms Al Mazaya Share FairValue at KWF 165.
- KFH Capital affirms Al Mazaya share fair value range of KWF 170 to KWF 175.
10th GOAL: Build & Protect Brand Value
- The company continues to build and protect its brand value across the region’s markets through well-defined
marketing campaigns that include a dynamic and modernized web portal and robust social media presence. This
is evidenced by its 95,000+ visitors on Facebook; 16,000 followers on Instagram; 20,000 visitors on Twitter; and
5,000 subscribers on LinkedIn accounts.
Ladies & Gentlemen,
Al Mazaya Holding has a history of being guided by values and ideals that go beyond the mere achievement of
lucrative financial returns and acceleration of economic diversification in the region. Therefore, the company
spares no effort to tap newmarkets and launch fresh investments by utilizing its resources and seizing distinguished
investment opportunities.
Last but not least, I’d like to extend my sincere thanks to the company’s Board of Directors and Shareholders for
their continuous support. I would also like to thank all of the company’s executive teams for their dedication as
well as the employees for their creativity, innovative talents, and commitment to the mission the company has set
out for itself since its establishment.
May Peace, Mercy and the Blessings of Allah be upon you all!
ANNUAL REPORT
2016
Group CEO
Eng. Ibrahim A. Al Soqabi