Mazaya Profile Box 24-7

5 1.2 | CEO’S MESSAGE Al-Mazaya Company Profile |Management Message Mr.Ibrahim Al Soqabi GROUP CEO Ladies & Gentlemen, Dear Shareholders Let the Peace, Mercy & the Blessings of God be Upon You All Once again, we meet with you at the beginning of the calendar year to take pride in presenting the achievements made by your prestigious company: Al Mazaya Holding. Over the past year, we have had monumental success at the administrative, operational and financial levels. Our confidence in continuing these impressive achievements in 2018 are very high. Firstly, we offer thank to Allah the Almighty and to you for the ongoing support to our plans, operations and team members at all levels. We are looking forward to further successes and accomplishments that translate our ambitious strategy.Wewill continue todiversify our investments acrossmultiple sectors,whileusing innovativenewtools that adhere to strictest standards of integrity, transparency, and sustainability. Dear Brothers and Sisters, Last year was a challenging one during which we were able to cope with rapid and multi-faceted challenges that have impacted the region ‘ s economic sectors. The real estate sector across the different markets we are working in was particularly affected. While surviving such challenges,Al Mazaya has renewed its pioneering position as a first-class property developer. Our vision andwell thought-out plans are the result of a scientific and professional approach. Our experts havemade sound decisions at various administrative and executive levels. From this perspective, I would like to present a number of the company ‘ s achievements during 2017. Over the past five years, Al Mazaya Holding has managed to keep growing our operating revenues while shielding the company against future inflation-related risks. By ensuring the application of modern auditing criteria and addressing the impact of fluctuating currency values in our key markets, we are working tomaintain a balanced budget.This approach has resulted in a decline in the company’s net profit on the back of intensive operating mobility and resilient operating revenues from sales and rental operations. With this context in mind, I’d like to present the achievements of 2017: We continued to boost the company’s operating performance through an intensive focus on a robust operating plan, a well-integrated strategy and a strict timeframe. This boosted the company’s total operating revenues to KWD 68.61million by the end of the year, an increase of 24.36% from KWD55.17million by the end of 2016.The Group’s operational resilience is attributed to a carefully-craftedmarketing and sales plans. As a result, secured sales revenues of KWD60.83million for 2017 increased fromKWD47.81million by the end of 2016, which represents a growth of 27.22 %. Rental revenues increased 6.80% to KWD 7.6 million by the end of 2017 against KWD 7.11 million for the same period in 2016. Brothers & Sisters, I have the pleasure of presenting you with even more achievements in 2017, which are as follows: - Al Mazaya signed a new investment contract for managing its third project at the medical sector after the success it has achieved in this essential platform. - Al Mazaya Holding is pre-qualified for new six investment opportunities to develop and operate residential cities in Jaber and Sabah Al Ahmad and for the Labor Camp Project in South Jahra. - Al Mazaya has completed the development of a world-class medical building to serve as an individual health clinic in Sabah Al Salem. The project has been completely rented out to leading doctors in Kuwait. - Al Mazaya developed and delivered four projects in Dubai in 2017, selling 480 flats - Al Mazaya Holding acquired two plots of lands as part of the Q-Zone II project, located in the Liwan, Dubailand, with a capacity of 500 residential units for mid-income categories. Design and execution works already started in the project. - Completion of the concept design stage at its new project in Al Sharq area in Kuwait (Mazaya Downtown) through Gensler, an integrated architecture, design, planning and consulting firm. The final design and architectural licensing has been entrusted to a leading local company in Kuwait, named PACE. This architecture, engineering and planning firm received the construction license from state departments concerned.