Chairman Statement

Dear Shareholders

Peace, mercy and blessings of God ,,,
We put in your hands the balance sheet of your company “Real Estate Trade Centers Company (K.S.C.P)” as well as the financial results for the year ended December 31, 2019
Financial indicators:

We summarize for you some financial indicators for the company’s balance sheet that reflect the result of its operations during 2019.
Total assets in 2019 amounted to a financial amount of 30,000,231 Kuwaiti dinars (thirty million two hundred and thirty one Kuwaiti dinars), an increase over 2018 of 72,965 Kuwaiti dinars (seventy two thousand nine hundred and sixty-five Kuwaiti dinars) with an increase of 0.24% and investment property reached 12,581,619 Kuwaiti Dinar.
There is an investment in unquoted foreign shares in the amount of KWD 6,098,315, and the properties under development amounted to KWD 11,208,762.
Total property rights in 2019 amounted to 23,304,295 Kuwaiti dinars compared to 2018 of 22,739,696 Kuwaiti dinars, with a financial increase of 564,599 Kuwaiti dinars, with an increase in property rights of 2.49%
While the total expenses amounted to 135,152 Kuwaiti dinars, and the revenues accrued for the year 2019 amounted to 157,686 Kuwaiti Dinars, representing (1.13%) of the company’s capital amounting to 14,000,000 Kuwaiti Dinars, or approximately 1 fils per share.
The book value per share reached 180 fils, and there are more details available in the company’s audited financial statements.
The company’s current projects:

Licenses are being extracted to complete the final stages of the work of the Centers Resort-Equestrian Academy project and prepare the necessary arrangements in preparation for the opening in the area of ​​North Sabhan on an area of ​​30,000 square meters, including all buildings, facilities, green areas and parking lots, but the work has now been halted due to the governmental precautionary measures to prevent the spread of virus Corona of the new and its decision to disrupt the work of government agencies until further notice, and the company will seek, once the work is back, to take the necessary measures and amend the time plans in light of developments.
Future projects of the company:

Immediately upon completing the procedures of selling the centers center’s 10% stake in Intrados Tourism Development Company, the company will take advantage of these surpluses to engage in various income-generating investment activities inside and outside the State of Kuwait.
The company will start construction of the new Kut city project as soon as the situation in the Syrian Arab Republic is stabilized and after obtaining the necessary funding for it. The project will include a residential city that will be built on an area of ​​620,000 m 2 as a model integrated city in the Sasa’a area (Damascus countryside) on the road to peace, and includes buildings Commercial, investment and residential hotels, hospitals and all services and recreational and sports facilities needed by the population and an integrated urban architectural plan will be implemented for this residential city that includes no less than 153 buildings consisting of eight floors each with 4 luxury apartments so that the total number of apartments in this city is about 4,896 apartments Residential, where the average area of ​​one apartment will be approximately 165 m².
Corporate Governance:

With regard to the Law of the Capital Markets Authority No. (7) for the year 2010 and its executive regulations and what it includes in terms of corporate governance decisions, we confirm our commitment and fulfill all the requirements and requirements of the Capital Markets Authority with regard to corporate governance and we attach to you the annual report of the Internal Audit Committee and the report on corporate governance for the year 2019
In conclusion, we thank God Almighty and the brothers, the members of the Board of Directors, for all that they provided to the company. We also wish to thank the executive management and all the employees of the company and the honorable shareholders, and the competent official authorities.

Eng. Talal Abdul Hameed Dashti
Chairman