(MENAFN- Arab Times) MANAMA March 8 (RTRS): Kuwait could live with current oil prices Kuwaiti Oil Minister Ali al-Omair said on Sunday. He was speaking at an energy industry conference in Bahrain. Brent crude last traded just below $60 per barrel. A drop in shale oil production has triggered a rebound of global oil prices but prices will not rise sharply as long as the world's economy stays sluggish al- Omair was quoted as saying by state news agency KUNA.
Many factors are affecting oil prices including violence in Iraq and Libya KUNA quoted Omair as saying late on Saturday during a visit to Bahrain for an energy industry conference. Reduction of output will not have a major impact without a global economic recovery that would spur demand he added. He said projections showed prices might improve this year but added that they might also stay between $50 and $60 a barrel. Brent crude oil closed Friday just below $60 up from lows near $45 hit in mid-January. Meanwhile The market will decide a fair and sustainable price for oil United Arab Emirates oil minister Suhail bin Mohammed al-Mazroui said on Sunday. The Organisation of the Petroleum Exporting Countries Secretary-General said on Sunday that the group's exporters should not cut output to 'subsidise' higher- cost shale an energy source whose recent growth is blamed by OPEC for weakening oil markets. Abdullah al-Badri added in remarks to a conference in Bahrain that tight oil a term he has used for shale was 'not a challenge for us' but the market should now be left to decide which source of petroleum could survive at current prices. distribute 6% of the paid-up capital as cash dividends; equivalent to Kuwaiti 6 Fils per share to the shareholders registered as of the date of the General Assembly Meeting was approved as well as Board Members remuneration. The General Assembly further permitted the Chairman and the Members of the Board to trade for their own accounts or others' accounts at any of the Company's branches/offices. The above is in accordance with Article no 228 of the Companies Law no 25 of 2012; as well as article 20 of the Statute of the company. Moreover the Board was authorized to purchase or sell Company shares at no more than 10% of the total shares as per Article no (175) of the Companies Law no 25 of 2012 as well as the Regulations of the Capital Market Authority with regard to regulating the purchase of company shares (Treasury Shares) and utilizing the same. Finally the General Assembly approved to relief / discharge the Board Members from their legal liability of the Fiscal Year ending on Dec 31st 2014; to assign or reassign the External Auditors for the Fiscal Year 2015 and to authorize the Board to determine their fees provided that the Auditors are already registered at the Capital Market Authority. CEO Eng Ibrahim Al-Soqabi delivered a presentation to highlight the accomplishments Al-Mazaya has achieved in 2014 stressing that these accomplishments were in line with the Company strategy willingness and elements of success brought together to leverage Al-Mazaya's position in real-estate sector. The CEO proudly stated the Company was able to maintain its robust financial position and strong operational performance in line with its carefully designed smart objectives and viable strategy. During 2014 Al Mazaya reaped the fruit of its penetration to the Turkish market and the investment opportunities available in there signing an Alliance with Dumankaya one of the giant real-estate development companies in Istanbul whereby Al Mazaya executes rewarding projects of great benefit to the parent company. As a part of this alliance Al Mazaya launched 'Ritim Istanbul' Project commencing its joint venture with the Turkish Company. 2014 also gave birth to four new projects imitating the Lingo middle-class accommodation project in Dubai Land Clover Medical Centre at Sabah Al-Salim Mazaya Residence in Oman and Ritim Project in Istanbul; all in line with the company strategy and its 5-years forthcoming Financial Plan. Al Mazaya has pushed forward the timetable for all under-implementation projects in all countries the company operates therein; in 2014 Mazaya Logistics Project in Bahrain was 100% completed Queue Point Project in Dubai was 80% complete Sedra Residential Project was 60% complete and 100% of the foundation works of Marina Mall in Lousil Qatar were complete where Al Mazaya is managing these projects on behalf of Mazaya Qatar. Taking another step forward to support Al Mazaya brand within real-estate markets Al Mazaya expanded and rooted its marketing tools promoting the corporate identity of Al Mazaya Holding and its subsidiaries therein in Kuwait and in the region. As for our internal systems Al Mazaya has upgraded its operations to utilize the latest information technology systems and successfully e-connected all subsidiary companies through the ERP System; lease payments can now be collected online and CRM system was launched mainly to serve our clients. Al-Soqabi also referred to the financial results Al Mazaya has achieved which are clearly reflected in the Company announced profits. During 2014 Al Mazaya succeeded in reducing the cost of funds by 5.52% not to mention that 81% of Company loans are now Islamic Loans. Al Mazaya released 261 million shares retained as pledge and hence the company can obtain new credit facilities. Also the Company succeeded in rescheduling its loans at the group level (Mazaya & its subsidiaries) resulting in new credit facilities received amounting to KD 32 million therefore improving company solvency and its ability to enter into new investments. There is no room here to elaborate on the total accomplishments Al Mazaya has achieved. Yet once again we assure you that the Board Members and all Al Mazaya employees shall continue their journey to achieve the best results and continue to lead the real-estate market in Kuwait and the region.
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