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Press Release

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In This Section
AL MAZAYA Holding Company appoints IBRAHIM AL SAQABI as acting CEO

Al Nafisi: Appointment of Al Saqaabi to Al Mazaya will pave the way for new era of restructuring, governance and prosperity.

Al Saqaabi: delighted to take position and I look forward to serve the company and its shareholders with all efforts to achieve the desired goals.

For immediate release

Kuwait: 27 April 2013

Al Mazaya Holding Company – the leading real estate company in the gulf region, listed on the Kuwait and Dubai stock exchanges – is pleased to announce the appointment of Ibrahim Al Saqaabi as acting CEO of the company.

In this context, Mr. Rashid Al Nafisi, chairman of the board, expressed his happiness that Mr. Al Saqaabi has joined the team of Al Mazaya. “On behalf of members of the board of Al Mazaya Holding Company and all of its employees, we are pleased to welcome Mr. Ibrahim Al Saqaabi in the company, and we wish him all the best and success, and we are looking forward to a fruitful relationship”, he said, adding that Mr. Al Saqaabi has “vast experience in the field of executive management”, which will be particularly useful in the position he is assigned to in Al Mazaya Holding Company.

Mr. Al Saqaabi was the General Manager of the KMC Group of Companies, owned by the Kuwait finance house which is considered one of the top Sharia’a-compliant companies in the Middle East, at which Mr. Al Saqaabi managed the holding company – which consists of seven subsidiaries that provide different, variant and specialized real estate services development, including implementation and management of projects. Mr. Al Saqaabi has extensive experience in corporate restructuring and the implementation of governance systems, which include companies’ operational systems, and the development of work plans and strategies to enhance the company’s market share.

Mr. Al Saqaabi holds an MBA from Kuwait Maastricht Business School, and a B.S. (Civil Eng.) from George Washington University in the USA. In addition to that, he was a member of the boards in several companies in different sections, mostly in real estate inside and outside Kuwait.

For his part, Mr. Al Saqaabi said: “I’m pleased to take on this new position in Al Mazaya company, which I consider a new challenge, looking forward to serve the company and those who made it, and I will do everything I can to achieve the company’s goals and the goals of the shareholders as well”.

He added that joining Al Mazaya Holding Company came because of great faith in the company’s ability to prosper, and the potential of its management and employees to promote the company to the highest level as well as the stability of the company and its potential to acquire a substantial portion of large and distinguished real estate in addition to a basket of various investments.

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