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Al Mazaya responds to news on financial status, business in Dubai

Al Mazaya responds to news on financial status, business in Dubai
No financial impact shall be realised from this news
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Mubasher: Al Mazaya Holding has saved KWD 7 million ($23 million) to be used for the financial liabilities of existing business and projects, and not for new projects in specific.  

This announcement by Al Mazaya Holding is a response to news reported by local newspapers as well as websites under the headlines of “11th Forum of Listed Companies” and “Agreement with Banks to Restructure Indebtedness”, Al Mazaya said in a disclosure on Wednesday.

Al Mazaya, dually listed on Boursa Kuwait and the Dubai Financial Market (DFM), plans that its portfolio to be distributed as 70% assets under management and 30% assets available for sale; the news claimed that the portfolio is set as 50% each.

Business in Dubai

The news also claimed that the company has settled its position coinciding with the developments in Dubai market and that it is getting ready for an expected launch in Dubai.

In a response to this, Al Mazaya Holding asserts that it is working on shrinking its business and projects in Dubai as well as evaluating its available-for-sale projects, noting that any anticipated investment launch in Dubai will be subject to the improvement of the real estate market in the Emirate and will be considered by then.

Turkish Lira

Also, the news reported that the fall in the Turkish Lira had a limited impact on the company’s business and is expected to be overcome over the coming period.

The impact of the falling Turkish Lira was negative on the financial statements of the company, Al Mazay clarified, noting that the currency exposure for Turkey’s currency still exists, yet lower than before, due to selling a number of available units during the past periods.

Al Mazaya Holding highlighted that no financial impact shall be realised from this news.