"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."


Ladies and Gentlemen,


Peace, mercy and blessings of God be upon you all....


It is my sincere pleasure to meet with you at this annual meeting to highlight the achievements made by the company in the past year and to present our plans for the upcoming stage.


The milestones notched by our company in 2018 would not have been made possible without your continued support and precious trust, which is the backbone of our sustainable efforts and continuous accomplishments.


Last year was a year replete with challenges and difficult choices that we’ve managed to survive through conservative and well-throughout strategies and policies amidst a sea of major changes, which are still besetting the real estate markets we're operating in.


Today, we reiterate our determination to continue to establish a solid foundation for our future aspirations through a strategic vision aimed at driving and diversifying our investments within new sectors and markets, while developing innovative marketing and operational tools and taking consistent steps forward on the path towards more progress, prosperity and growth.

In doing so we will continue to be armed with transparent, credible and sustainable management and operational standards.


Dear brothers and sisters,


In light of the rapid and multi-faceted changes surrounding the industry, we renew our keenness to further maximise the company's revenue from fixed income streams with a view to optimising its performance in the markets in which we're operating. And Thank to Allah Almighty, we have managed to maintain the growth in the company's operating revenue, generated from sales in the company's income-generating projects, and to increase our direct and indirect revenues to sustain the business model of the company, which is based on diversifying our investment portfolio across different geographic regions to generate different types of returns.


During 2018, the company managed to sell 200 apartments at a total revenue of KWD13.58 million despite the market challenges by adopting a sales policy that reduces our exposure to the markets we are working in.


In this regard, I would like to present to you some of the company's achievements recorded in 2018:


-Al Mazaya Residence Al Mawaleh's Phase I in Oman has been fully completed and a householders' association has been established and registered with the competent authorities in the Sultanate. Over 50% of the project’s 148 apartments and shops has been sold. Al Mazaya Residence is an integrated residential project located in the Al Seeb Province in the heart of the Omani capital, behind City Centre.


-Completion of construction work at the Al Mazaya Residence 132-unit Phase II


-Al Mazaya has made significant progress in signing new investment contracts for managing its third project at the medical sector, “Mazaya Clinic III” which consists of 25 floors and a total area of around 4,000 square metres in Bneid Al Qar area. Work is in full-swing to equip the building and prepare it for receiving contracting doctors.


-Completion of the schematic design phase at its new project in Al Sharq area in Kuwait (Mazaya Downtown) through PACE, an integrated architecture, design, planning and consulting firm based in Kuwait in preparation for initiating construction work.


-Continuing selling and renting of the remaining units at the Ritim Istanbul Development, which consists of 6 residential towers and a shopping mall.


--New credit facilities have been secured from local and other Gulf banks to develop new projects.

-Capital Intelligence Ratings affirmed the ratings of Al Mazaya Holding’s long-term and short-term ratings at a “Stable” outlook.


Ladies and Gentlemen,

I would like to thank the Chairman and Board Members of Al Mazaya Holding for their unlimited support. I would also like to extend my thanks and appreciation to the partners and shareholders of Al Mazaya and to all those who’ve been contributing to our success story for their dedication and relentless efforts in leading, implementing and executing the company's business model with creativity and leadership, and for their constant commitment to the mission and vision of Al Mazaya and our strategic plans set to achieve the goals and aspirations of our shareholders and valued customers.

Peace, mercy and blessings of God be upon you all....

Group CEO

Eng. Ibrahim Abdul Rahman Al-Saq'abi


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