International Real Estate Projects Group.
The project is located at kilometer 96th of Cairo-Alexandria Desert Road, across from Sadat City, and 64 kilometers away from the toll gate.

Chairman Message

Dear shareholders, Peace be upon you,

On behalf of myself and my fellow board members of the International Real Estate Projects Group, I would like to highlight the outstanding performance of the executive management and all of the Company personnel, who exerted faithful efforts which had a clear impact on the making of the Company's achievements, as they constitute the cornerstone of everything we have achieved so far.

The Company's accomplishments, over the past years, is unprecedented compared to the fluctuations in the real estate market. The Company's stability was achieved by the grace of Allah the Almighty, and also thanks to the collaboration of all those in charge of this great edifice. The real challenge, however, is to continue on the path of success and progress.

First : The total revenue produced from the sale of lands during the fiscal year that ended on 31 December 2008, reached K.D. 3,856,036. As per the income statement, the gross profits realized from selling investments at fair value reached K.D. 535,567, while the net of unrealized losses resulting from the assessment of investments at fair value amounted to K.D. 98,070 in addition to other revenues that reached K.D. 9,797.

Second : The total administrative and general expenses came to K.D. 554.932, as detailed in the Company's audited financial statements.

Third : By the grace of Allah the Almighty, the Company realized a net profit of K.D. 2,438,763, after deducting Zakat and the share of the Kuwait Foundation for the Advancement of Science, knowing that these results pertain to the fiscal year ended on December 2008.

Fourth : As on 31/12/2008, and according to the fair value indicated in the income statement, the Company holds investments equivalent to K.D. 4,7758,650.

Fifth : As on 31/12/2008, the company holds saleable investments equivalent to K.D. 2,787,893.

Sixth : The Company holds profit-making investments worth a total value of K.D. 8,916,002 as on 31/12/2008. We all hope that the results of 2009 will fulfill the ambitions of our shareholders. The board of directors will attempt to expand the company's business and increase the volume of its activities to achieve better returns for the shareholders.

In the course of the forthcoming years, we are planning to preserve our good reputation in the Company's fields of activities and continue to look for investment opportunities with rewarding returns.

At the end, I would like to extend my heartfelt gratitude and appreciation to His Highness the Prince of Kuwait, His Highness the Crown Prince, His Excellency the Prime Minister, the esteemed members of the government for their continuous support to the Kuwaiti economy and the respected personnel of the Ministry of Commerce & Industry. In addition, we would like to extend our appreciation to our clients for their confidence, and to the personnel of our Company for their dedication and commitment.

Abdullah Ahmed Al-Kallaf