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Mazaya Qatar General Assembly Meeting approves Board's Report for 2011

Corporate governance report also endorsed
Doha, 22 February 2012 - Mazaya Qatar Real Estate Development Company ( QSC ) held its Annual General Meeting (AGM) at Qatar National Convention Centre last Wednesday, February 15.

During the meeting, the Board's Annual Report on the company's activities and its financial position for the fiscal year ended December 31^st 2011, as well as the Auditors' Report, were discussed and approved.

The agenda of the meeting included hearing the Board's annual report on the company's activities and its financial position for the past fiscal year and the future plans of the company, hearing the Sharia'a Board's Report and Auditors' Report for that year, discussing the Company's balance sheet and the P&L accounts for the year releasing members of the Board of Directors from liability and determination of their remuneration.

The AGM approved appointing auditors for the fiscal year ending December 31^st2013 and fixing their remuneration in addition to authorizing the Board to conclude procedures of purchasing treasury stocks of 10% of the capital. The meeting approved, also, the corporate governance report.

Speaking at the general assembly meeting, Mr.Rashid Fahad Al Naimi, Chairman of Mazaya Qatar , said: " Mazaya Qatar is committed to achieving the goals of the policy of Qatarizationand to significantly contributing to Qatar Vision 2030.

"We have put the necessary strategies in place to create more job opportunities and recruit more young talent in various departments and branches who are eager to play their role in the development and growth process. We have open doors for qualified Qatari young talents all the time".

" Mazaya Qatar has adopted a balanced strategy based on avoiding risks by investment in projects of secured income. We will continue this strategy with the aim of opening new channels that will further enhance the company's position in the real estate and investment sector", Al Naimi added.

Mr. Seraj Al Baker, CEO of Mazaya Qatar , said: " Mazaya Qatar Real Estate Development Company has made a number of important achievements in 2011. On an organizational level, the company has recruited a number of skilled Qataris in various departments to further strengthen the structure. The company's projects are progressing well, with Sidra Residential Compound, a residential project for nurses, employees and technicians working at the Sidra Medical and Research Centre, part of Qatar Foundation for Education, Science and Community Development, progressing according to schedule. The company has completed the infrastructure and begun the second phase of the project. Mazaya will manage the project for 20 years, according to the agreement with Qatar Foundation", he said.

Mr. Al Bakerdescribed the company's other successful engagements: " Mazaya Qatar has completed most parts of Tala Residence - a 350-unit housing complex for employees of Qatar National Convention Centre, part of the Qatar Foundation for Education, Science and Community Development. The company is developing the final phase of the project, scheduled for delivery in the first quarter of the year according to the predetermined schedule. In 2012, Mazaya Qatar is entering a new phase of development on Marina Mall, which is planned to be an architectural masterpiece on the local and regional levels", he said to the assembled shareholders, directors and observers.

-Ends-

For more information, please contact:
Claude Khalil
Mazaya Qatar
Doha, Qatar
Tel: 009744910100
Fax: 009744910101

Fahed Ahmad
SAHARA Communications
Dubai, UAE
Tel: 0097143298996
Fax: 0097143298995

© Press Release 2012