Press Release

For Immediate release: Kuwait, 12 June 2011
The Al Mazaya Holding Board of Directors has appointed Eng. Naif Al Awadi as CEO of the holding company, after he gained the confidence of the Board’s members following a successful career as CEO of Al Mazaya’s Dubai Operations, where he led business growth in line with the company’s current situation, strategy and future ambitions. Eng. Al Awadi expressed his thanks and appreciation to the Chairman of the Board and its members for the trust they placed in him, and pledged to fulfil the responsibility placed on him for the coming period. He affirmed that Al Mazaya Holding is one of the region’s largest and most prominent real estate developers, with the proven ability to develop a large number of real estate projects for the commercial, residential and investment sectors in a number of the GCC countries. He added that anyone would wish to be a part of such a successful company. 1- Project completion and delivery Al Awadi spoke of his plan for Al Mazaya, as manager of the company’s operations, saying: “Al Mazaya’s plans for the current period can be summarised in five key points, the first of which is the execution and delivery of projects under construction according to the predetermined budget and schedule, amended as per the company’s budget for this year. This includes projects in Dubai, such as Q-Point in Liwan, Dubailand, which targets middle-income groups, and provides for Al Mazaya to complete and deliver its other projects in Dubai by the end of this year. The company has completed all its projects in Kuwait.” 2- Project operation and management The second key point in the plan presented by Al Awadi is the operation of revenue-generating projects, such as the Clover Medical Centre, Kuwait Business City, the residential Sky Gardens project in DIFC, and the Avenues Office Towers in Jumeirah Lakes. Al Mazaya’s property investment portfolio is full of completed revenue-generating projects, which are expected to start generating good revenues over the next few years, and support assets on a long-term basis. 3- Default follow-up plan The third key point in the strategy is Al Mazaya’s plan to follow up with defaulters who have invested in the company’s projects in Dubai. The company will negotiate repayment options with defaulters and try to solve the problems resulting from defaults during the period of the global financial crisis, in cooperation with the relevant government parties in Dubai and in accordance with the applicable laws. 4- Benefit from development plans Eng. Al Awadi added, “Al Mazaya Holding is particularly focused on benefiting from the GCC governments’ development plans and being awarded B.O.T. (build, operate and transfer) projects, especially in Kuwait, Qatar and KSA, as these countries have investment philosophies in place that cope with the current reality of the markets and guarantee to drive growth, attract labour and produce high-quality products. This can be achieved through selecting the best companies – on the basis of ability, quality, efficiency, competitiveness, experience and reputation in the investment world – to realise the country’s economic development goals”. 5- Management services According to Eng. Al Awadi, in addition to the above, his plan will include benefiting from Al Mazaya’s track record and its skilled and experienced team in offering various management services, such as project development and management services, facility management services, property services, real estate marketing services and financial services, which include founding real estate funds, entering investment alliances and conducting feasibility studies. Eng. Al Awadi has a bachelor degree in mechanical engineering from Kuwait University, and has over 17 years experience in feasibility studies, contracting, real estate development and project management, and engineering consultancies. He is currently chairman of Areej Real Estate Development Company in Kuwait and a Board Member of Bahrain Company, Warba and Atheer Real Estate Development.