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Kuwait’s Al Mazaya will not distribute dividends

Shareholders of Kuwaiti developer Al Mazaya Holding have approved a proposal to not distribute dividends for the fiscal year ended December 31, 2010, Gulf Today has reported. The decision was attributed to the company's 2010 operational results, as well as local and regional economic challenges. The company achieved operating revenues of KD18.6m ($67.8m), including operating profits of KD4.47m and other revenues of KD6.1m. Al Mazaya took provisions totalling KD14.9m, which resulted in a total loss of KD8,6m after deducting other expenses.