03
Dear Shareholders
Peace, Mercy and Blessings of Allah be upon you,
We are here today to present Al Mazaya Holding’s annual report for 2011,
to evaluate our performance over the past year so that we may apply the
knowledge and experience we have gained going forward into 2012, as
well as to highlight our plans for the next period. None of which would
have been possible without your constant and highly valued support and
confidence, which are the keys to our progress and prosperity.
The year 2011 was a year of setting the foundations for Al Mazaya Holding.
Through its team, the company was able to prepare an integrated and
clear three-year work strategy and to make a significant step forward in
achieving an important part of the work plan, which was set as part of its
strategy for the coming period.
In 2011, the company was able start negotiations for the settlement of
the Oman portfolio and the acquisition of the Al Mualeh plot of land in
Muscat. Other achievements included the delivery of the already sold out
office units in Al Mazaya’s Business Avenue at Jumeirah Lakes, and the
completion of the final phase of the Villa residential project, is comprised
of 700 villas, and developed and sold by the company in several phases.
This project culminated with the delivery of the final phase and with Al
Mazaya receiving all payments that were still due from both investors
and buyers. The company has, also, achieved high occupancy rate in its
revenue generating projects in Kuwait, Dubai and the KSA, particularly
in the Clover Clinic and Mazaya Towers in Kuwait Business Town, Al
Muaathar Tower in the KSA, Sky Gardens in Dubai and the Q-Point.
The company was able, in 2011, to remove many obstacles, settle its
investments, exit from some projects and complete others, pay a large part
of obligations, receive many defaulted amounts, and settle obligations to
government parties and investors, particularly in Dubai.
Message from the CEO
Eng. Nayef A. Al Awadi
To continue our 2011plan, we are currently seeking to restructure assets,
improve budgets, refocus on revenue generating activities, optimize our
available assets and launch a number of new projects, which are hoped
to generate profit for the company and achieve positive returns.
Therefore, the financial standing of the company is stable, with most
of the company’s projects completed and sold, the remaining projects
functioning as revenue generating projects.
Dear shareholders,
In conclusion, we are very pleased to be able to present you with this
brief on the company’s performance in 2011, as well as its plan for
2012. We are looking forward to meeting you again next year, and to
reaching, with your assistance, support and confidence and the efforts of
all our employees who so firmly believe in Al Mazaya’s vision, all of the
company’s targets.
Thank you,
Eng. Nayef A. Al Awadi
CEO
