Dear Esteemed Shareholders,

On behalf of the members of the Board of Directors, it is my pleasure to extend my sincerest gratitude to you for your trust and continuous support. I am pleased to present to you Mabanee’s Annual Report, which reflects the company’s performance, financial results, operational highlights, and achievements for the financial year which ended in 31/12/2022. 

With God’s grace and the efforts of the Executive Management and employees of Mabanee, the company was able to achieve positive financial and operational results, as the net profit for the year 2022 increased to 61,080 million Kuwaiti Dinars, as compared to 55,376 million Kuwaiti Dinars in the previous year 2021, an increase of 10%. The measures taken yielded sound operational results and sustainable growth, creating significant value to all stakeholders, including shareholders, customers, employees and the communities in which we operate.

This year, we proceeded to expand our developments in Kuwait, and contributing through partnership projects between the public and private sectors by a partnership agreement with the Public Authority for Housing Welfare in order to finance, develop, operate, maintain, and transfer the investment opportunity (S3) in Sabah Al-Ahmad Residential City, to develop a traditional market at a total estimated cost of 26 million Kuwaiti Dinars, an investment period of 32 years.

In the Kingdom of Saudi Arabia, as a result of our strategy and the expansion plan adopted by the company for the growth and diversification of its assets, we embarked on the development and implementation of two major projects in the Kingdom, namely, The Avenues - Riyadh and The Avenues - Khobar, at a total cost of approximately 24 billion Saudi Riyals. The two projects consist of the best business and profitability sectors in the Middle East.

In the Kingdom of Bahrain, our assets have expanded as a result of our diversification in the business sector and our operations will witness further growth in profitability upon the completion of the construction works of the west expansion of The Avenues - Bahrain.

We move forward in continuing our path to expand the brand through long-term investments and business partnerships, relying on innovation and operational excellence to launch towards new horizons of sustainable growth.

Believing in the importance of our employees to achieve the company’s strategies and plans for business growth, we are keen to provide a healthy and positive work environment as well as continuous development opportunities of employees, as they are one of the most important assets of the company. In terms of socially responsible initiatives, we continue to support and drive environmental, social, and governance pillars and sustainability initiatives, an integral part of the company's business and operations.

In conclusion, I take this occasion on behalf of the Board Members to extend my gratitude and appreciation to all of you, praying to God Almighty for the success of the Company and the prosperity of our beloved Kuwait.