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NREC signs preliminary contract to sell Dasman Complex in Kuwait

08 - October - 2018

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Dear Shareholders,

The National Real Estate Company (NREC) today announced a preliminary agreement to sell one of its assets, the Dasman complex, located in the heart of Kuwait City, for a total value of KD 24.75 million.

While the final sale of the asset will be determined in the next couple of months, NREC has signed the initial agreement as part of a restructure plan launched at the beginning of 2018 to significantly reduce our debt in the coming two years.

The sale of assets will help us increase our cash position and in turn grab new revenue-generating opportunities in Kuwait and region on the long term. Two of these presently developing opportunities are the flagship Reem Mall in Abu Dhabi and the Grand Heights development in Egypt. These two landmark projects are foreseen to further strengthen the Company’s financial position with steady revenues.

NREC will continue to focus on reducing debt, divesting some of its properties, maintaining promising assets under management and progressing as per schedule in the development of its landmark projects.

We trust that the new direction undertaken by NREC’s Management will enable the Company to better compete in new opportunities that are presenting themselves in our home country Kuwait and the rest of the Middle East region.

Sincerely,

Faisal Jamil Sultan Al-Essa

NREC Group Vice Chairman and CEO