DOHA: Mazaya Qatar Real Estate Development on Wednesday held its Annual General Assembly (AGM) at the La Cigale Hotel, Doha.
The AGM approved the Board of Directors' Report on the company's activities and financial position for the Financial Year ending December 31, 2009, and the Auditors' Report for 2009.
Mazaya Qatar's Chairman, Rashid Fahad Al Naimi, told those in attendance that the company has grown stronger, and will continue to expand its existing portfolio and explore further business opportunities to enhance shareholder value.
In his report to the AGM, on behalf of the Board of Directors, Al Naimi, said: "In 2009 the company focused on the preparation of the Initial Public Offering (IPO) of 50 million shares, equivalent to 50 percent of the company's capital. A master plan for developing Mazaya Qatar's brand in the Qatari market was launched in line with the IPO subscription."
"Last year we also conducted feasibility studies for a number of property projects within the Qatari real estate market, as we are aware of the promising potential and the rewarding investment opportunities that exist within this important market", he added.
Mazaya Qatar's CEO, Seraj Al Baker said: "Mazaya Qatar had a satisfactory operational and financial performance during 2009, and I am proud of results, achievements, financial status and our corporate governance processes".
Mazaya Qatar reported total assets of QR528m in 2009, with a gross profit reaching QR36m, and net profit of QR16m.
According to Al Baker, the company's current ambitious strategy includes, for this year, a study of numerous completed projects as well as projects currently in progress. In addition, Mazaya Qatar will be looking at entering into strategic alliances with several parties with the aim of achieving the desired returns to our shareholders, and to drive the goals of the company to higher levels.
He added "We at Mazaya Qatar have pledged to strengthen the company's position in Qatar, and to then enter the neighboring markets in order to diversify the company's sources of income, while also benefiting from the rewarding investment opportunities in various markets across the region".
© The Peninsula 2010
