CEO Statement

May the peace, mercy and blessings of God be upon you,

I am pleased to present to you the annual report of Al Mazaya Holding Company for the year ended on December 31, 2024, in which we review the most important achievements accomplished by the Company this year, which would not have been possible without your trust and continuous support, which are the first incentive and main driver for these achievements.

Today, we seek to maintain fixed rules that enable us to achieve our aspirations and strategic vision that enhances our position in local markets within new sectors and tools, armed with administrative and operational work standards based on transparency, credibility and sustainability.

We have been keen primarily to enhance the Company’s revenues from its fixed incomes to support its performance in the markets in which we operate. With the help of Allah Almighty, we were able to maintain a stable pace in the Company’s operating revenues resulting from leasing operations, through our relentless efforts to achieve high occupancy rates in the Company’s income-generating projects, in order to maintain the Company’s business model, which includes a diversified portfolio of geographically distributed assets on the one hand, and assets that rely on different types of returns on the other hand. With the help of Allah Almighty, we were also able to provide the necessary liquidity through operational processes and maintain the strength of the Company’s financial solvency.

On the level of the banks, the Company was able to achieve with the help of Allah Almighty an actual accomplishment through the reduction of the Company’s debts by the rate of 24% with the banks, equivalent to 16 million Kuwaiti dinar, whereby the Company total debts dropped below 50 million Kuwaiti dinar by the end of 2024, in line with the directions and aspirations of the Company board of directors.

The Company was able to finalize the merger procedures by merging with Dubai First Real Estate Development Company during the first quarter of 2024, which had a positive impact on enhancing the efficiency of the Company’s shareholders’ equities.

The Company succeeded to reduce the selling and marketing expenses and the general and administrative expenses by approximately 33%, as well as the reduction of the finance cost by approximately 38% during 2024, which enhanced the Company financial performance and profitability.

The Company was able to distribute interim dividends to the Company shareholders as free bonus shares of the treasury shares by 2.5% during the second quarter of 2024. Further, it recommended the distribution of annual dividends to the Company shareholders as free bonus shares of the treasury shares by 2.5% for the fiscal year ended on December 31, 2025. Therefore, the total distribution to the Company shareholders for 2024, in the event of the general assembly’s approval, to the Company shareholders according to this last recommendation is 5%.

The final report was issued by the Capital Market Authority, resulting from the field inspection of the Company for the years 2021, 2022, 2023 up to June 2024. With the help of Allah Almighty and the efforts of the concerned departments, the final report did not include any (financial and non-financial) violations. Further, the Capital Market Authority team affirmed its appreciation to Al Mazaya Holding Company for its keenness and compliance with the instructions of the Executive Regulation issued by the Capital Market Authority.

At the end, I’m pleased to extend my warm gratitude to the chairman and members of the board of directors of Al Mazaya Holding Company for their constant support and confidence, and extend our appreciation to all the team in the Company for their loyalty and relentless efforts. I would also like to extend my warm gratitude and appreciation to the shareholders of Al Mazaya Company and all our partners for their valuable confidence in us, which has always been a source of pride and honour for us and motivating us to continue working to maintain the Company’s position. We also promise to make every effort to achieve the expected growth of Al Mazaya Company, preserve shareholders’ rights, and contribute to the progress and development of the Company for the better, God willing.

May the peace, mercy, and blessings of God be upon you.

Group Chief Executive Officer