Mayadeen, Sign Five New Contractors for “Landmark” Projects in Shams Abu Dhabi
17 June 2008, Kuwait
National Ranges Company K.S.C.C. “Mayadeen”, a listed Kuwaiti shareholding company, has signed five major contracts for its two projects in Shams Abu Dhabi project, “Aurora” and “Dari”.
Cansult Maunsell- Project Managers; Beijing Construction Engineering Group- Main Construction Contractor; Emirates Technical Associates- Mechanical Electrical Plumbing Management Consultant Contractor; Yuanda Enterprise Group- Façade Contractor; and RW Armstrong- Construction supervisor have all signed contracts to work on the Dari and Aurora projects.
Situated on Al-Reem Island, off the northern shore of the capital, Shams Abu Dhabi is planned as a landmark project. The venture is one of the largest of its kind in the region and is planned as an all-encompassing contemporary real estate project that will cater to all facets of everyday life.
Mayadeen Chairman Mr. Khalid Jassem Al-Wazzan said that the company signed these contracts with pioneer contractors; supervisors and consultant companies to show Mayadeen’s sincerity and commitment to the highest standards of quality in the field of project development.
“This is a milestone in Mayadeen’s journey to establishing itself as a key player in the property development industry across the region”, he said.
Mayadeen CEO Eng. Naser Ali Al-Attar said “Mayadeen has been working very hard to partner with these distinguished institutions that will be responsible for turning the dream of building these projects into reality”.
“After a meticulous screening process, we are signing the leading contractors in the market to help make our projects in Shams Abu Dhabi a prestigious and significant development,” he said. “Aurora and Dari will feature unique aesthetic features which will add to the character of Abu Dhabi’s northern coastline.”
“I can proudly say that today, our first goal has been achieved and now we move confidently toward our second goal: to grow our company’s shareholders value,” said Al-Attar.
“Mayadeen intends to work with the concept of quality and not quantity; we want all of our clients, shareholders and staff to be proud to deal with, or work for, Mayadeen,” he added.
Both “Aurora” and “Dari” each consist of two high-rise residential towers reaching more than 200m high; all four residential towers comprise of apartments ranging from one – four bedrooms. Both projects will also include their own smaller commercial tower of 11 floors for “Aurora” and 7 floors for “Dari”.
Cansult Maunsell is one of largest engineering, design and project management firms in the Middle East. They will provide industry leading expertise and capabilities that support the projects’ longer term operational and commercial viability.
As both projects’ main construction contractor, Beijing Construction Engineering Group Co., Ltd comprises of more then 200 companies and factories, engaging in architectural design, scientific research, construction, equipment installation and building material supply.
Emirates Technical Associates (ETA, M&E Division) is a leader in the field of Electro Mechanical Contracting in the UAE. Responsible for all Electro Mechanical works in the four residential towers and two commercial buildings, ETA’s speciality ranges from air-conditioning and electrical works, through to lighting, fire, phone and CCTV systems.
Yuanda Enterprise Group is a large-scale international leading enterprise group engaged in curtain wall construction, windows & doors, elevator manufacture, motor manufacture, environmental engineering and industrial coating.
RW Armstrong is an American consulting firm specializing in architecture, engineering, design management and project management. As the lead consultant, RW Armstrong provided the design and site supervision services for the Development and managed the design development of the project starting from the concept design till the final design was developed.
General Assembly Approves The Recommendation of The Board of Directors To Distribute 6% Cash Dividend
11/5/2008 - Al Qabas Kuwaiti Newspaper
Al-Wazzan : “ Mayadeen” Enters The Real Estate Sector Targeting Mega And Distinctive Projects And Seeks Well-Studied Expansion In The Gulf And Middle East
- The achievements of “Mayadeen” are the resultof the clarity of vision and preplanning .
- New projects and strategic alliances of “Mayadeen” in year 2008 .
- We focus on real estate development and capturing value-added opportunities.
The Chairman of National Ranges Company “Mayadeen” Mr. Khaled Jassem Al-Wazzan said that the true launching of the Company has begun at the end of December 2006 as the Company successfully completed the subscription to increase its capital to 100 Million Kuwaiti Dinars , to be the beginning of the way to its launch towards new horizons of diligent work to achieve its future plan. The real estate sector is the first strategic choice of the future of the Company, along with keeping the Fire Shooting business which is a unique activity in Kuwait as “Mayadeen” owns the most advanced Fire Shooting range in the Middle East .
Mr. Al-Wazzan added that “Mayadeen”, to achieve its vision and constructive objectives, has started implementing major carefully selected real estate projects in one of the most important and largest real estate markets in the Gulf Cooperation Council countries; the United Arab Emirates, namely the Emirates of Abu Dhabi and Dubai, to kick off its launch. This choice came in the light of many profound and extensive studies which have shown an obvious shortage in the supply of residential and commercial units compared with their demand, in addition to the rapid increase of population in the United Arab Emirates indicated by the statistics, which confirms that the real estate market there will witness new record leaps.
Mr. Al-Wazzan stressed that the achievements of “Mayadeen” in the real estate market in the United Arab Emirates till now are but the first step of applying the phases of its strategy which will be later followed by the studied expansion in the Gulf Cooperation Council countries then into the Middle East region, especially the markets that are abundant with feasible opportunities. All these achievements are only part of the Board of Directors' efforts to put your Company "Mayadeen" neck to neck with the leading real estate companies in the region.
Mr. Al-Wazzan pointed out that year 2007 was a distinctive year at all levels as “Mayadeen” achieved impressive results and high increase in the net profits which amounted to 9,003,143 Kuwaiti Dinars compared to 325,759 Kuwaiti Dinars in the fiscal year 2006. The earning per share in year 2007 has also witnessed an increase by 93% to reach 9 Fils compared to 4,7 Fils in year 2006. The total assets of the Company reached 146,916,534 Kuwaiti Dinars while the return on shareholders' equity amounted to 9% and the rate of return on average assets 6%. He stressed that the results achieved in year 2007 are just the beginning of a breakthrough towards more distinctive results in the coming years.
Mr. Al-Wazzan said that based on the financial results of year 2007, the Board of Directors has decided to distribute cash dividend to the Company's shareholders at 6% of the nominal value of the share (Six Fils per share) hoping that they accept such recommendation and stressing that this decision is itself a proof of the competency and efficiency of the Company's high financial ability especially that it comes on the very first year following the capital increase.
Mr. Al-Wazzan believes that the economies of the Gulf Cooperation Council countries witnessed record growth in year 2007, especially with the increase of the government spending in order to create an appropriate economic and investment structure. The positive results achieved by the majority of companies have contributed to the consolidation of the investors' confidence in the Gulf economies and their ability to cope with the challenges and rapid economic variables either regionally or globally. He pointed out that the unprecedented rise in world oil prices has contributed to large financial surpluses as the budgets of Gulf Cooperation Council countries in year 2007 reported record financial surpluses that give them the opportunity to increase expenditure on infrastructure projects. The continuous encouragement by the Gulf Cooperation Council countries of investment in their real estate markets through laws and regulations that attract investment is one of the most prominent factors that led to the prosperity of the real estate sector in the region.
Chief Executive Officer CEO
The Chief Executive Officer of National Ranges Company “Mayadeen” Engineer Nasser Ali Al-Attar stated that year 2007 was an exceptional year that represents the true launching of the C ompany's achievements at the financial and business level. In order to achieve the aims of the shareholders to focus on the real estate investment, the choice of real estate projects came after deliberate overall study which proved their high economic feasibility at a time when the real estate sector is one of the most beneficial sectors of the extremely high liquidity available in the Gulf Cooperation Council countries and continuous increase in government expenditure on infrastructure, where real estate projects cost is estimated at more than One Trillion US. Dollars, noting that the demographic structure of Gulf Cooperation Council countries is in favor of real estate developers.
Eng. Al-Attar pointed out that “Mayadeen's” choice of the United Arab Emirates as a starting point to launch its real estate projects is based on a combination of factors the most important of which are the availability of opportunities, clarity of laws and legislation and feasible return on investment, which are consistent with the objectives of the company, namely, excellence in real estate development through creating and capturing opportunities and developing them at the highest professional competence Standards to achieve the best return for shareholders.
Fruits of Success
Eng. Al-Attar added that “Mayadeen” has taken outstanding steps in year 2007 including purchasing two pieces of land in the Emirate of Abu Dhabi in Shams Abu Dhabi Project on Al-Reem Island with the purpose of development through constructing two projects containing four residential towers with a total of 1875 housing units and two commercial buildings. The Company has already completed the excavation work of the project which is scheduled to be completed in year 2010. He stressed that diversity in the real estate portfolio of “Mayadeen” and timing of when to enter and exit investments are not the result of coincidence, but preplanning. The Company has entered several specialized and diverse investments including Dubai Healthcare City where it owns a building with a total cost of 8,2 Million Kuwaiti Dinars . In implementation of its strategy of the suitable time to exit from its strategic investments, “Mayadeen” has sold the building in July 2007 for a value of 9 Million Kuwaiti Dinars thus achieving a net profit of around 800 Thousand Kuwaiti Dinars .
Eng. Al-Attar added that “Mayadeen” has also purchased two buildings in “ Emaar Business Park ” at a cost of 39,6 Million Kuwaiti Dinars , which include offices with an occupancy rate of 100%. In July 2007, it also successfully completed the deal of purchasing 20% strategic stake in Al-Mazaya Holding Company at a value of 38,5 Million Kuwaiti Dinars . Al-Mazaya Holding Company is one of the best real estate companies in the region and owns a series of successful projects in the Gulf, especially in the United Arab Emirates . “Mayadeen” has also entered into a 20% partnership stake in a major real estate portfolio established with a group of partners with the aim to own and develop vast areas of land in Al-Ehsa' area in Eastern Saudi Arabia.
Eng. Al-Attar pointed out that the previous results are real achievements accompanied “Mayadeen's” launch towards new dimensions of development and creative work. The Company has many opportunities and various real estate projects which are examined and evaluated in more than one market without prejudice to the individuality of each country and in accordance with the objectives of the Company. What “Mayadeen” started in year 2007 will be a solid ground for entering new markets and larger projects in the near future. He also pointed out the great attention paid by the executive management to the Company's employment policy and its keenness to choose the highest levels of qualified calibers using the latest technological systems and advanced programs that contribute to the optimization of the efficiency and speed of work, in addition to attracting and encouraging national professionals who enjoy profound experience and high qualifications, and providing better opportunities for their training and career progress.
Eng. Al-Attar said in this context that “Mayadeen's” progress in the area of real estate investment is being made according to a strategy aiming at diversifying the sources of income, maintaining the continuity of growth, improving returns, and reducing risks through three pivots, the first of which is based on purchasing the existing buildings such as residential buildings, offices and shops, while the second pivot is based on capturing the opportunities of purchasing buildings in the development phase, and the third pivot on a medium and long-term future vision to purchase and develop lands in areas with a promising future. He also pointed out that one of the priorities of “Mayadeen” is to strengthen its presence and to achieve a sustainable growth in its business volume in the Gulf Cooperation Council countries by its direct presence through the branches, representation offices or affiliate companies in order to carry out its projects. The Company is also keen to follow a clear policy to enter investments of high economic feasibility, which takes into account the policy of immediate exit in order to ensure higher returns for the shareholders and customers alike and looks forward to establishing partnerships and strategic alliances and investing in the areas that would give added value to the Company's major activities and its final accounts.
Eng. Al-Attar concluded with his thanks and appreciation to the members, employees and shareholders of “Mayadeen” promising them that year 2008 will, with God's willing, witness more achievements at the projects and investment level, which will be clearly reflected on the financial results of the Company.
Mayadeen: 9 Million Kuwaiti Dinars Profits In 2007 18/3/2008 - Al-Qabas Kuwaiti Newspaper
The Board Chairman of the National Ranges Company “Mayadeen”, Mr. Khaled Jassem Al-Wazzan announced that “Mayadeen” has achieved positive profits of 9 Million Kuwaiti Dinars in year 2007 i.e. 9.01 Fils earning per share, compared to the profits of 325,759 in year 2006 i.e. 4.67 Fils earning per share. He added that the earnings per share during year 2007 increased by 93% of last year, pointing out that the earning per share in 2007 was calculated based on the new company's capital of 100 Million Kuwaiti Dinars. He considers such achievements to be an indication that the Company's strategy is following the correct path and according to plan, stressing that the Company's management aspires to achieve an outstanding growing performance and better results in the future to the shareholders. He said that the company's total revenues in year 2007 amounted to 1,11 Million Kuwaiti Dinars with a growth of 1062% of the total revenues in year 2006. The total shareholders' equity has also risen to 109,27 Million Kuwaiti Dinars and the rate of return on shareholders' equity has reached 9%.
Mr. Al-Wazzan stated that after endorsing the annual financial statements, the Company's Board of Directors has suggested distributing 6% as cash dividends to the shareholders, asserting that such suggestion is in itself a proof of the competency and efficiency of the Company's management and its ability to provide the required liquidity, whether to finance its operations or to make cash distributions to its shareholders, taking into consideration that year 2007 is the first year after the Company's capital increase, during which the company began the formation and building of a portfolio of distinctive projects. He also stated in a press release on the occasion of the announcement of the annual results of “Mayadeen” that since the Board of Directors has decided on a strategic choice to intensify its activities in the real estate sector, the Company has developed a strategy of clearly defined features and objectives, focused its efforts on that strategy, and defined the methods of implementing it. He further elaborated that the management was able to manifest this position through focusing on major opportunities and real estate non-traditional projects of economic importance in the Gulf region or the Middle East area in general. He also revealed that “Mayadeen” has already entered into some prominent real estate projects, including Shams Abu Dhabi Project which initial cost amounts to approx. 900 Million US. Dollars, and is one of the most prominent and largest real estate projects in Abu Dhabi, expressing his optimism that the Company's profits from this project will immensely increase in the near future. He emphasized that “Mayadeen” has a clear goal: Focusing on mega projects especially the areas of real estate development and excellent opportunities of high economic feasibility, pointing out that Shams Abu Dhabi Project is one of the projects that will give the Company a strong boost and strengthen its position in the market of the United Arab Emirates and the region in general, especially that it is one of the prominent landmarks among the existing real estate projects in the United Arab Emirates. As for opportunities and operational processes carried out by “Mayadeen”, Mr. Al-Wazzan announced the Company's entry into another real estate investment of about 144 Million US. Dollars in the “ Emaar Business Park ” over the past year as the Company obtained a number of towers of commercial offices developed according to the latest international specifications and standards that suit and meet the needs of major companies and organizations. Mr. Al-Wazzan added that in addition to the real estate investment projects of “Mayadeen”, it has succeeded at the beginning of the third quarter of year 2007 to acquire a strategic stake of 20% of Al-Mazaya Holding Company, at a value of 620 Fils per share, and a total cost of 38,2 Million Kuwaiti Dinars , pointing out that Al-Mazaya is one of the leading and successful companies, which has large real estate operations and projects at home and abroad, stressing that such property will have a positive impact on the revenues and profits of “Mayadeen” in the future. He also stated that due to the Company's openness to the major markets in the region and diversity of opportunities and projects, it has entered into a partnership of 20% stake in a major real estate portfolio established to acquire a vast land area in Saudi Arabia. He said that “Mayadeen” has managed through one of its companies to acquire about 9,7 Thousand square meters of Dubai Maritime City with an estimated value of approx. 30 Million Kuwaiti Dinars , while the total cost of the project will amount to 60 Million Kuwaiti Dinars , pointing out that it will be the most specialized and unique projects in the region on a total area of 2,3 Million square meters where it will contain dry berths and all the requirements of ship and boat building, in addition to the real estate projects which will include residential, commercial, recreational and service projects.
Nasser Al-Attar : “Mayadeen” Develops Its Project On Al-Reem Island In Abu Dhabi During July
9/3/2008 - Kuwaiti Al-Watan Newspaper
The Chief Executive Officer of National Ranges Company “Mayadeen” Engineer Nasser Ali Al-Attar stated that the Company is seeking to develop its strategic project on Al-Reem Island in Abu Dhabi expecting the development process to begin next June and noting that the project covers an area of 23 Thousand square meters which the Company bought for 47 Million Kuwaiti Dinars .
Eng. Al-Attar added in a statement to Al-Watan Newspapers that the current market value of the land is about 80 Million Kuwaiti Dinars, saying that the Company has received more than one attractive offer at the current market price, but it desires to develop the land and to establish residential towers consisting of 200 residential units.
He pointed out that the Company is currently focusing on income generating buildings of high returns and that there are opportunities currently under study that are being discussed on regular basis in a number of markets to search for new projects or study the market needs and provide ideas that would bring about new addition to the markets in which “Mayadeen” operates.