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” (K.S.C.) “as well as the financial results for the year ended December 31, 2021

Financial indicators:

We summarize for you some of the financial indicators of the company’s balance sheet, which reflect the result of its work during the year 2021

The total value of assets for the year 2021 amounted to 30,399,337 Kuwaiti dinars, with an increase of 93,574 Kuwaiti dinars over the year 2020, at a rate of approximately 0.31%, and the value of investment properties amounted to 17,606,169 Kuwaiti dinars.

The properties under development amounted to 11,217,220 Kuwaiti dinars, and the total property rights in 2021 amounted to 24,611,393 Kuwaiti dinars, compared to the year 2020 of 23,580,352 Kuwaiti dinars, with a financial increase of 1,031,041 Kuwaiti dinars, and an increase in property rights of 4.37%, while the total expenses amounted to 108,259 Kuwaiti dinars. The revenues generated for the year 2021 amounted to 139,300 Kuwaiti dinars, at a rate of approximately (0.93%) of the company’s capital of 15,000,000 Kuwaiti dinars, or approximately 0.93 fils per share.

The book value of the share reached 177 fils, and more details are available in the audited financial statements of the company that can be viewed.

The company’s current  and future projects:

The final stages of the Marakez Resort – Equestrian Academy project are being completed and the necessary arrangements are being prepared in preparation for the opening in the North Sabhan area on an area of ​​30,000 square meters, including all buildings, facilities, green spaces and parking lots.

- We were successful in completing the purchase of a property in the Mangaf area, as the beginning of several other income-generating real estate investment activities to be a source of income to be used in the development of the company’s resources and optimal use for the benefit of it and the company’s shareholders in general and focusing on real estate investment within the State of Kuwait.

- An investment land was purchased in the Syrian Arab Republic, with an area of ​​20,000 square meters, in the Saasaa area, in order to build several residential investment buildings on it.

- The company will start constructing the new Kut city project as soon as the situation in the Syrian Arab Republic is better stabilized and after obtaining the necessary funding for it. Which will include commercial, investment and residential buildings, hotels, hospitals and all services and recreational and sports facilities that the residents need. An integrated urban urban 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, with an average area of ​​165 m².

Corporate Governance:

With regard to the Capital Markets Authority Law No. (7) of 2010 and its executive regulations and the decisions it contains regarding corporate governance, we affirm our commitment and fulfillment of all the conditions and requirements of the Capital Markets Authority regarding corporate governance, and we attach to you the annual report of the Internal Audit Committee and the report on corporate governance for the year 2021

In conclusion, we thank God Almighty and the members of the Board of Directors for everything they have provided to the company. We would also like to thank the executive management, all the employees of the company, the honorable shareholders, and the competent official authorities.

Thank you for your presence and support,,,

God grants success ,,,

Eng. Talal Abdul Hameed Dashti
Chairman