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Similarly, Al Mazaya reaped the fruit of its penetration into the Turkish market and the investment opportunities
available there by signing an Alliance with Dumankaya, one of the giant real estate development companies
in Istanbul, whereby Al Mazaya develops joint ventures to construct rewarding projects of great benefit to the
mother company.
I would like to take the same opportunity to brief you on the outcomes Al Mazaya has achieved on the financial
sides which are clearly reflected in our announced profits. During 2014, Al Mazaya was able to reduce the
loan costs by 5.52%, additionally 81% of Company loans are Islamic Loans. Al Mazaya released 261m. shares
retained as pledge, so the company can receive new financial facilities. Company loans were rescheduled
producing new facilities amounting to KD 19.5m received from Al-Mashreq Bank and KD 12m received from
Kuwait International Bank therefore improving company Solvency and ability to enter into new investments.
In this regard, NBK Capital report presented an overall study on Al Mazaya assets, along with its subsidiary
companies current and future investments mirroring a positive image on the company vision, strategy, solid
solvency and budget, not to mention Al Mazaya scrutinized approach distributing risks benefiting from the
geographical expansion and making revenues by venturing income-generating projects. NBK Capital report
concluded that Al Mazaya share is being exchanged at less than the fair value therefore, recommending the
purchase of the share.
The year 2014 also gave birth to four new projects imitating the Lingo middle-class accommodation project
in Dubai Land, Clover Medical Centre at Sabah Al Salem, Mazaya Residence in Oman, and Ritim Project in
Istanbul; all in line with the company strategy and its 5-years forthcoming Financial Plan.
Distinguished Shareholders,
Al Mazaya has pushed forward the timetable for all under-implementation projects in all countries the company
operates therein; for in 2014, Mazaya Logistics Project in Bahrain was 100% completed, Queue Point Project
in Dubai was 80% complete, Sedra Residential Project was 60% complete and 100% of the foundation works
of Marina Mall in Lousil, Qatar was completed where Al Mazaya is managing this project on behalf of Mazaya
Qatar.
Taking another step forward to support Al Mazaya brand within real-estate markets, Al Mazaya expanded and
rooted its marketing tools promoting the organizational identity of Al Mazaya Holding therein in Kuwait and
in the region.
Al Mazaya is moreover proud to establish the governance system and attend to the capital exchange
requirements while performing all company operations positively and efficiently impacting the Financial Data
of the company at the end of 2014. Being so, Al Mazaya was the pioneer amongst the companies listed therein
Kuwait Stock Exchange.
As for our internal systems, Al Mazaya has updated its operations and successfully e-connected all subsidiary
companies on the ERP System; lease payments can now be collected online, our management and employees
have e-access to the systems becoming more efficient performing their work, our CRM client service system was
launched and the Great Plains System was updated to better serve the Finance Management at the Company. As
for our more extended objectives, I will brief you on similar success with parallel pride.
Distinguished Shareholders,
There is no room to elaborate on the total accomplishments Al Mazaya has achieved. Yet, once again, we assure
you the Board Members and all Al Mazaya employees shall not spare any effort to produce the best outcomes
we can and continue to lead the real estate market in Kuwait and the region.
Thanking you all,
Eng. Ibrahim A. Al Soqabi
Group CEO
