Press Release

team For immediate release: Dubai, 7 June 2010. Al Mazaya Holding has announced the appointment of Eng. Naif Ahmed Al Awadi as CEO of its Dubai operations, as part of its restructuring strategy, in a bid to further stimulate the company’s operations and projects in the emirate of Dubai. The restructuring – which includes putting into practice new programmes for management and organisational structures, implementing expansion operations, resuming projects currently on hold, investing in new markets, and reshuffling management – was addressed during the recent Board of Directors and General Assembly meetings. Al Awadi holds a Bachelor’s degree in Mechanical Engineering from Kuwait University, and brings on board 17 years’ experience in feasibility studies, contracting, real estate development, project management, engineering consultancy and real estate investment, both at the local and international levels. He has also held a number of senior positions in the real estate sector and been involved in a variety of multi-purpose projects. Speaking of the appointment, Mr Rashid Al Nafisi, Chairman of Al Mazaya Holding, said: “Al Mazaya is pleased to announce the appointment of Eng. Naif Ahmed Al Awadi as CEO of our Dubai operations. Based on Eng. Al Awadi’s experience and career record in the regional real estate market, we are confident that he has the in-depth knowledge and understanding of what is required at all levels of a real estate project, and that he will be able to manage such development. He has a proven track record of similar assignments, and is capable of conceptualising and developing the necessary plans to control a project from the financial, engineering and management aspects. Eng. Al Awadi is also well versed in financial and administrative affairs, and has played a great role in developing human resources in the companies for which he has previously worked, as well as in expanding resources, boosting assets, resuming projects and generating sustainable income”. “The Dubai branch has become a venue for increasing operations and progress, as efforts are being made to bring projects back on track and resume operations in this market. These developments have made the need for senior personnel in Al Mazaya’s Dubai Office more pressing than ever, as they will need to be responsible for on-the-ground follow-up on the company’s operations and for communicating with investors and shareholders for the mutual interests of all parties”. Eng. Al Awadi said of his appointment as CEO Dubai Operations: “I feel great pride at the trust placed in me by the Board of Directors. I am honoured to join the Al Mazaya family at a time when a great deal of experience and knowledge of the regional real estate market is required, and I look forward to working with the company to achieve success and expand resources. Operating in the Dubai market requires close follow-up, frequent updates on the market situation, and close attention to detail on the part of the person working in the market, and I am confident that I bring these aspects to the table”. Al Awadi has held a number of senior positions over the years, earning him experience in various phases of real estate development. His prior positions include Chairman and Managing Director of Atheer Real Estate Development, Deputy CEO of Al Nafisi National Group, and Director of the Services Department at Kuwait Finance House. He has also worked as engineering consultant at MAECO and a mechanical engineer at PAEET, and he is currently Deputy Chairman of Areej Real Estate Development Co. in Kuwait, and a Board Member of Bahrain’s Warba Logistic Co. and Dubai-based Atheer Real Estate Development.