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MESSAGE FROM
The Chairman
Dear Shareholders,
Peace be upon you.
Firstly, I would like to extend my heartiest thanks to the members of the Board of Directors, Executive Management and all
the company’s staff for their sincere efforts, commitment and dedication over the last financial year. All such efforts have
undoubtedly contributed to the success of First Dubai Real Estate Development Company K.S.C.P and the satisfactory
results achieved in 2015.
We are, of course, pleased to announce that First Dubai Real Estate Development Company, a subsidiary of Al Mazaya
Holding Company, achieved an increase in its operating revenues during the last year, as shown in the financial results
announced for the financial year ending on 31 December 2015.
These results show the company has realised net profits of KWD 2.03 million, with a earning per share of 2.03 fils. These
impressive results are the outcome of the management’s efforts to achieve the desired goals set out in the previous year.
The figures achieved in 2015 reflect First Dubai Real Estate Development Company’s focus on operational success, which
was translated into an increase of 64 % in its total operational income, resulting from a combination of both sales and
leasing revenues. These increases amounted to KWD 8.786 million in 2015, compared with KWD 5.365 million in 2014.
Sales revenue increases for 2015 stood at an impressive 92.5 %, or KWD 6.528 million, compared with 3.391 million
in 2014. Further increases of 14.4 % were realised in leasing revenue, or KWD 2.257 million, compared to KWD 1.974
million in 2014.
During 2015, we have seen concentrated efforts made to achieve the Company’s goals and the best yield for all shareholders.
Thanks to God, the financial results for the company have been satisfactory – a reflection of the Board of Directors’ prudent
vision as well as our management teams’ commitment and determination to meet the targets and goals for 2015.
Eng. Ibrahim Al Soqabi
The Chairman
02
ANNUAL REPORT
2015