Mazaya Real Estate D e v e l o p m e n t Company shareholders yesterday approved the Board of Directors’ recommendation to distribute cash dividends to shareholders for the year 2020 at a rate of 3 percent i.e., by QR0.03 per share.
Mazaya Real Estate D e v e l o p m e n t Company held its Ordinary General Assembly, online yesterday. Addressing the s h a r e h o l d e r s , Chairman of Mazaya Real Estate Development Company, Sheikh Salman bin Hassan Al Thani, said that Mazaya Real Estate Development Company’s approach to real estate develo p m e n t a n d investment has been consistent despite the recent periods of crisis due to political and economic factors as well as the current global health crisis.
In light of its experience the company has been focusing on developing low-risk projects to generate income, including Sidra Village and Tala Complex.
At the same time, the company plans to expand into other sectors that include tourism, entertainment, health and education facilities. “Although the advent of COVID-19 has presented many challenges to the real estate industry, we thank God that our projects involve long-term contracts, so we have succeeded in overcoming the difficulties as evidenced by our impressive overall annual performance.
The support from the Board and shareholders, in addition to the level of confidence, competitiveness and good performance, have all contributed to the company’s success in implementing its strategies,” said the Chairman.
“Concerning the Mazaya’s overall activities, I’d like to mention the most significant milestones for 2020. First is the Marina Plaza project with its innovative design, and is Mazaya’s first project that serves the public in general.
Distinguished by its design and location, the Marina is located in Lusail, Qatar’s newest city,” he added. The Marina will offer entertainment venues, office space and residential units. Work on the project is progressing and will hopefully be completed in the second half of 2023.
He said the second notable milestone for 2020 was in gaining a contract for 4 buildings in Aryan City, Mesaimeer.
The developer has guaranteed a rental return for a period of 5 years from the construction’s completion. It is wholly owned by Mazaya Real Estate Development Company. Mazaya’s acquisition of 4 residential buildings in the Al-Sadd area is another important milestone for 2020.
The contract includes a guarantee for a remunerative lease contract with a government agency for a period of 5 years, which can be extended later.
Finally, but not the least of Mazaya’s achievements, the Board of Directors has purchased treasury shares in order to support the share price. After approvals were obtained from the relevant authorities and the treasury shares were purchased, their value has since doubled.
This move reflects the Board’s interest in presenting ideas and projects that benefit the company and its shareholders.
Addressing the shareholders, Managing Director, Sheikh Hamad Bin Mohammed Al Thani said the year 2020 was a year of challenge and determination, despite the great challenges that the global economy in general faced and the local sector in particular due to the volatility of oil prices and the spread of the pandemic (Covid-19), but we at Mazaya Real Estate Development succeeded by the Grace of Allah in overcoming these obstacles at a steady pace, and we were able to continue working on implementing the plans developed and achieving the company’s objectives
Mazaya Real Estate Development witnessed more constructive performance during the year 2020 through the implementation of its strategic plan and achieving its vision, this is due to the rearrangement of priorities, which is situated on several main pillars, explicitly improving the return on shareholders’ equity through optimal investment in Real Estate Development.
