Marking its initial steps in the expansion strategy in the MENA region, Real estate firm Al Mazaya Holding’s Chairman Mr. Rasheed Yacoub Al Nafisi’s bell ring at the DFM kicked off Al Mazaya Holding’s share trading at exactly 10 AM on February 20, 2005. Attending the event were Al Mazaya’s Managing Director and CEO Eng. Khalid Said Esbaitah and the company’s Executive Management, Mr. Omar El-Quqa, Executive Vice President of Global in addition to the Operation Manager of the DFM, Mr. Hasan Al-Sirkal.
Mr. Al Nafisi stated that “the listing represents a milestone in Al Mazaya’s strategic expansion plan in the region, facilitating the trading of Al Mazaya’s shares for its clients and shareholders in Kuwait and Dubai, and allowing them to take advantage of the company’s rising success.
Al Mazaya’s bold move in listing on the DFM comes after the company’s spectacular growth and is in line with the company’s objective to maximize returns for its shareholders and clients, added Mr. Al-Nafisi.
He also stated that the company’s financial results for the fiscal year ending on 31/12/2005 were impressive, pointing out that the company’s net profit reached KD 14 million with an EPS of 94 Fils.
Mr. Al Nafisi added the importance of the DFM’s role in encouraging local, regional and international companies to list on the exchange , indicating that listing on the DFM is a dream for many companies, private ones in particular, since the market is quite active and enjoys many distinctive investment opportunities.
For his part, Mr. Al-Sirkal reiterated the exchange’s role in encouraging local, regional and international companies to list themselves on the DFM and the latter’s ongoing efforts to improve its operations in trying to raise the exchange’s level to international standards.
From his side, the Managing Director and CEO of Al Mazaya Holding, Eng. Khalid Said Esbaitah, said that the listing on the DFM comes after the great success the company’s share received on the Kuwait Stock Exchange in the last year.
He also added that “listing comes as a part of Al Mazaya’s strategy to expand within the Gulf region”, reassuring that choosing the UAE and specifically Dubai is due to its distinguished location on the economic and financial map, as well as the fact that the DFM is the second largest market in the region when it comes to market capital.
Eng. Esbaitah also mentioned that Al Mazaya Holding still has many lucrative projects in and out of Kuwait, with many to be delivered this year, and that the company will also start working on some new projects within the coming few months with a crucial one in the Jumeirah Lakes in Dubai.
In the end, both Mr. Al Nafisi and Eng. Esbaitah thanked all the heads and staff at the Securities and Commodities Authority and Dubai Financial Market for supporting the company and helping it to obtain the approval to list, as well as a special thanks to Global Investment House – the listing advisor – which assisted Al Mazaya in listing on this significant market.
