"Al Mazaya Holding Co (K.S.C) a leading property firm in the region, signed a contribution contract with "Oman Construction" to share in a real estate investment portfolio in Oman with a capital of OMR 3.1 million. Al Mazaya's share is 40% while 12% is for Oman Construction and 12% for "Mina" real estate company. The remainder of the percentage is submitted for IPO from a chosen group of investors and real estate companies."



Dear Shareholders and Partners in Success,


It gives me great pleasure to be here at the beginning of a promising year. I wish many happy returns for Al Mazaya Holding and for us all. I will be providing updates for the business status of our company over the past year, including the many milestones we have added to our track record of achievements. Reflecting the in-depth vision adopted by the company in terms of creating distinctive  Real estate investments in new markets and platforms, the significant accomplishments in 2016 are the result of our core principles which strike a balance between our current operating plans and our future investment enterprises.

As part of its growth-driven methodology, Al Mazaya Holding ushers in strong indications of growth in 2017 supported by the great strides made during 2016. Last year, we have managed to strengthen our stature as a pioneering regional company, efficiently operating in areas of real estate and other types of associated investments.

Noble Brothers & Sisters

Guided by a prudent strategy that is based on ensuring operational and administrative performance while maximizing returns, Al Mazaya has achieved and delivered in all of its business platforms. Within this context, I’m proud to present the achievements made during 2016 that have been aligned with the 10-step strategy adopted by the company over the past years; thanks to Allah the Almighty, 2016 has the lion’s share of these milestones which I will summarize in the following:

1st GOAL: Sidestepping Market Risks

Al Mazaya Holding increased its shares from its Turkish partner from 40% to 90%. The Turkish real estate developer is the owner of Ritim Istanbul Development where over 80% of the units have been sold and 50% rented. This has had a positive impact on the operating revenue generated from sales in the company’s financial results for H4-2016.

2nd GOAL: Embarking on New Developments Every Fiscal Year

-The company started execution of six new developments in 2016, finalising the foundation work of its Queue Line Residential Project, which consists of two new buildings, in Dubai Land, Dubai. The design work of the 500-flat Queue Zone project in Dubai is progressing and approaching completion.

-Al Mazaya completed studies to develop a plot of land for investment in Al Sharq, Kuwait. A reputable engineering consultant, Gensler, has been contacted to commence the design and licensing works.

-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 Markets Authority.

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 Fair Value 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 new markets 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!


Eng. Ibrahim Abdul Rahman Al Soqabi,

Group CEO of Al Mazaya Holding