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Al Mazaya reports legal proceedings after alleged fraud

By Gavin Gibbon
Mazaya Holding Oman fraud Al Mazaya Holding
Al Mazaya Holding has projects across the region including the Mazaya Residence retail and residential development in Muscat, Oman
  • Complaint filed against some employees
  • Concerns Mazaya Residence in Oman

The Omani subsidiary of Al Mazaya Holding has uncovered alleged fraudulent activity by employees of the company, estimated at OR242,000 ($628,000).

A criminal complaint has been filed by the Kuwait-based real estate development giant against “some of the company’s employees” regarding collections of the sale and rent of some units, according to filings on Boursa Kuwait and Dubai Financial Market (DFM).

“The subsidiary is currently working on completing the necessary audits and inspections to determine the final amount,” the note said, without giving details on the number of employees involved.

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Al Mazaya Holding is a publicly traded company dually listed on the Boursa Kuwait since 2005 and DFM since 2006.

The company has a portfolio worth around $2 billion, according to its website, with projects across the region, including Kuwait, Dubai, Abu Dhabi, Qatar, Oman and Lebanon.

In Oman, the company is behind the Mazaya Residence retail and residential development in Muscat.

Al Mazaya Holding’s profit attributable to shareholders for the first quarter of 2024 was KWD1.3 million ($4.3 million), compared to just over KWD194,000 ($635,000) for the same period the previous year.

Al Mazaya is in the middle of protracted talks to merge with First Dubai Real Estate. The move was approved by Kuwait’s Capital Market Authority earlier this year but has since been challenged in the courts by 12 shareholders from First Dubai.

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