Mohammed Abdul Aziz Al-Shaya’s vision for his company and recent success makes him an undoubted business leader in Kuwait. Its flagship project, The Avenues shopping mall, is expanding the country’s commercial possibilities to rival similar developments anywhere else in the Gulf. The last year has seen further construction with Phase Three, drawing in the private sector as well as royal endorsement, and the company now looks towards the design of Phase Four.
Al-Shaya’s place in the Power 100 for has been secured in particular for the cold, hard profits he has helped generate for the company in the last year; 2010 saw the company post $68m, after tax, up 22% on 2009, with the first quarter profits rising 10% to $21m against the same period the previous year. Between last year and this, the company’s revenue from investment property hit $33.4m, with its total assets rising to more than $970m.
The company also has significant business lines in MEP, precast building construction and sanitaryware. In one year, the company’s share price has leapt 84% to its highest point since October 2008. Few developers around the Gulf have been able to face the wider economic turmoil with more resilience over the last 18 months.
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