Recognized as one of the most active real estate developers, AlMuttahed is a nationally acclaimed developer of hospitality properties. In collaboration with world class architects and design professionals AlMuttahed creates properties distinguished by sophisticated design, efficient floor plans and first class amenities.

We have taken a series of actions that will make our company leaner, more efficient, more effective and ready to take advantage of the significant opportunities that we see opening as weaker, less well prepared competitors stumble.

All of us will feel the effect of these actions. However, we have not and will not stray from the core values of this organization - accountability, fairness and compassion. You have my word on that.

The past two years have been difficult for AlMuttahed. We have had to discharge our mandate in the midst of the worst world financial crisis in modern times, and under intense pressure from others and scrutiny from shareholders.

What we needed to focus on at the outset was to immediately stabilize the Company after its very existence had been threatened by the crisis. We are now focusing our attention upon implementing the concept of a fundamental strategic refocusing that is designed to restore the Company's competitiveness going forward.

ALMUTTAHED has, in these circumstances, been stretched in discharging its statutory objectives in 2008 - 2009. However, overall I believe we have responded well. We have radically changed the operating model of the organization, introducing 'Intensive Supervision'. We have laid out an extensive set of proposals to change the architecture for achieving our goals, and we have worked tirelessly to mitigate the effect of the crisis on our ongoing and future projects.

While it is very difficult to predict when these unique and difficult business conditions will pass, our vision remains intact. We have an incredibly talented and committed team that I am pleased to lead. Working together, we will emerge stronger and more successful than ever before.

Our continuing great journey over the last 2 years has been full of excitement; challenge and unmatched familiarity for achieved our goal of becoming one of the leading companies in our field.

It is essential to recognize that we owe our success to our shareholders for the trust they have put in us, and of course to our employees who have been the back bone of all our achievements.

Despite the good progress we have made over the last months, we are all fully aware that it will take several years and continued shareholders' support to conclude the strategic refocusing process, and to see its full effect.

Finally I encourage you to visit the company's headquarters and facilities or look at our website to find more information on the work we do. But to keep it simple I can say that our mission is to invest in projects that can make a major local economic impact and deliver great benefit to our shareholders.