Al Awadi promoted to CEO of Al Mazaya Holding
Former Dubai chief takes top spot with five-year plan for company
The board of Al Mazaya Holding, the Kuwait based property group, has appointed the head of the company’s Dubai operations as its next CEO.
Eng. Naif Al Awadi steps into the senior executive position after just a year leading the company’s real estate arm in the second-biggest emirate, where the company is dual listed along with its listing in Kuwait.
Al Awadi has set forward a five-point plan for growth for Al Mazaya Holding, which has a market capitalisation of around $149 million.
These include an emphasis on project delivery; the operation of the projects post-completion; a renewed plan to follow up with investors that have defaulted; a drive to benefit from GCC countries’ development plans – including ‘build, operate, transfer’ projects; and the development of its facilities management services.
Al Mazaya develops high-end residential projects across the Gulf as well as retail and medical facilities.
On project delivery, Al Awadi said this was based on “the execution and delivery of projects under construction according to the predetermined budget and schedule, amended as per the company’s budget for this year”.
This includes projects in Dubai, such as Q-Point in Liwan, Dubailand, which targets middle-income groups, and provides for Al Mazaya to complete and deliver its other projects in Dubai by the end of this year. “The company has completed all its projects in Kuwait,” he stated.
Regarding defaulters, Awadi said the company would negotiate repayment options to try to solve the problems resulting from defaults during the difficult financial climate, in cooperation with the relevant government parties in Dubai and in accordance with the applicable laws.
Eng. Al Awadi – a mechanical engineering graduate from Kuwait University - has more than 17 years experience in feasibility studies, contracting, real estate development and project management, and engineering consultancies. He is also chairman of Areej Real Estate Development Company in Kuwait and a Board Member of Bahrain Company, Warba and Atheer Real Estate Development.
He will be looking to stem the losses incurred by the company in the last 18 months in the still-moribund property markets in Kuwait and UAE. The company posted a loss of $3.5m for the first quarter, attributed to a fall in sales.