Chairman of Mazaya Shiekh Salman bin Hasan Al Thani and Vice Chairman of Mazaya Ibrahim Jeham Al Kuwari.
Doha, Qatar: Mazaya Real Estate Development held its Ordinary and Extra Ordinary General Assembly meeting for the year 2023 on Tuesday.
The meeting was led by Ibrahim Jeham Al Kuwari, Vice-Chairman of Mazaya which presented the Annual Report 2023 and discussed the most significant achievements, developments and challenges witnessed by Mazaya during the past year, further to the audited financial statements of the year ending on the 31st December 2023 and future trends.
One of the most notable steps taken by Mazaya during 2023, which comes as part of the company’s strategy and objectives of achieving the best return to shareholders, was the elimination of the accumulated losses by reducing the capital to become QR1bn. In this context, company was able in 2023 to achieve a set of successes and developments that will contribute to supporting the efforts of the state and enhancing the financial returns of the company as follows:
- Mazaya has announced the launch of two projects in Lusail City, first project "VOYA Tower" Lusail Waterfront, which is part of a strategic partnership with Al-Namaa Real Estate Development Company, and Mazaya is developing and selling residential units in the project. While the second project is "VERA Tower" at Al Kharaej, owned by Mazaya Real Estate Development.Construction and development works have started in both projects and are scheduled to be completed by the year 2026.
- Regarding income-generating assets, the company's portfolio has been enhanced with new income-generating assets, the latest being "Gold Plaza Complex." As a result, the number of units owned by the company that are available for lease in both residential and commercial sectors has reached 1,694 units, with the occupancy rate across all units reaching approximately 98%.As for the plots owned by the company, Mazaya's portfolio included five plots both within and outside the State of Qatar.
- Regarding the plots outside Qatar, Mazaya had four plots in the Emirate of Dubai, from which the company sold three in the Rawaiya area in a deal worth 32.5 million Emirati dirhams (equivalent to QR32.3m). The last remaining plot is located in "Dubai Island," and the company is currently considering developing it or selling it if a lucrative offer is presented.In the frame of expansion in real estate market; Mazaya established "Facilitx" for facilities management and maintenance, 100% owned by Mazaya Real Estate Development; responsible for management of all amenities of Mazaya Real Estate.
