Mazaya Qatar eyes Turkey, Spain for projects this year

23/04/2014 06:48 AST

Mazaya Qatar Real Estate Development is looking to secure infrastructure projects in European countries this year, particularly in Turkey and Spain, as well as in Bosnia, the company's chief executive officer said.

On the sidelines of Mazaya Qatar's annual general assembly, Hamad bin Ali al-Hedfa told Gulf Times that, besides Europe, the company was also in the process of bidding for projects in Qatar and other GCC countries.

Asked about the specifics of the bidding process, al-Hedfa said: "For me, in Mazaya Qatar, the numbers talk. It all depends if the numbers are right... then it doesn't matter which sector we will choose to work with. I always shoot for anything that would be profitable for my shareholders."

He revealed that Mazaya Qatar was embarking on its first project in the education sector. "There is a high demand for schools in Qatar's education sector, which is why we are working on a joint-venture with the academic community."

"In education, we have been approached by international schools and operators, who would like to have their presence in Qatar and we are working with them to have their schools established in the country," al-Hedfa noted.

He added: "We are still at the early stages, but the viability of the project depends on whether or not we agree on the terms with the operator before we are able to finalise anything."

At the same time, al-Hedfa said, Mazaya Qatar is also gearing towards infrastructure projects related to the 2022 FIFA World Cup. "I would not want to name any specific project yet, but we are looking forward to be a part of real estate and infrastructure projects related to the 2022 FIFA World Cup," al-Hedfa added. In relation to the Qatar National Vision 2030, he said all Mazaya Qatar projects were geared towards this direction.

"This is the driver for all of us. For example, we always build our five-year plans according to [the] 2030 [vision]."

During the assembly, board member Mohamed Ali al-Kubaisi, who read the chairman's message on behalf of Rashid Fahad al-Naimi, said that in 2013, Mazaya Qatar posted a growth in net profits by 113% to QR134mn from QR62mn in 2012, while last year's earnings per share rose to QR1.34, compared with QR0.63 in 2012.

He also informed Mazaya Qatar stakeholders that the company's total assets last year increased to QR1.5bn, compared with QR1.2bn in 2012. "Various other metrics, including the 27% growth in assets as compared to 2012 and increasing return on equity and return on assets to over 10% for the first time, reassure us of the highly qualitative performance of the company," al-Kubaisi said.

This was echoed by al-Hedfa, who said: "Last year's profit was the highest in the history of Mazaya Qatar. We're already building a compound, Sidra Village, and with our Tala Residence project, it was for the first time that the company was able to get the full rental yield while with other investment opportunities, we've found other strategies to increase our profits."

Gulf Times