“Mayadeen” Exits From A Real Estate Investment Worth 41,3 Million Kuwaiti Dinars In Dubai

11/2/2008 - Al-Qabas Kuwaiti Newspaper

The Chief Executive Officer of National Ranges Company “Mayadeen” Engineer Nasser Ali Al-Attar stated that the Company has succeeded to sell two buildings it owns in “ Emaar Business Park ” in the United Arab Emirates for 41,3 Million Kuwaiti Dinars .

Eng. Al-Attar pointed out that the deal came as a result of “Mayadeen's” continuous application of its strategy to enter high feasibility real estate projects and exit with high profits, which reflects the executive management's clear focus on the real estate sector that has been chosen to be the main and first operational activity of the Company. As for the project's profits, Eng. Al-Attar made clear that “Mayadeen” has realized about 1,5 Million Kuwaiti Dinars, pointing out that it was possible to realized more gains but the currency fluctuations and the changes in the Dinar value have relatively affected the realized profit margin.

Eng. Al-Attar said that the profits realized will be included in the financial statements of the first quarter which will end in March 2008. In another context, he explained that the Company has achieved high liquidity from the deal of selling two buildings in “Emaar Business Park”, which will be reinvested in real estate opportunities in the Gulf region where there is a remarkable constructional boom and constant support of the real estate projects due to the availability of high liquidity, which will play a role in providing feasible opportunities.

Eng. Al-Attar stated that the Company primarily focuses on profit-generating buildings of high returns, pointing out that there are opportunities currently studied while there is am ongoing search in a number of markets to find new projects or study the market needs and provide ideas that would present a new addition to the market in which “Mayadeen” operates.

Eng. Al-Attar stressed that “Mayadeen's” primary attention is to excel in its real estate projects especially that the Company aspires to be one of the largest real estate companies in the region by providing unique models and advanced contemporary real estate projects in various fields whether commercial, recreational, service, industrial, or residential.

In another context, Eng. Al-Attar stated that “Mayadeen” currently has a strategic project in the Emirate of Abu Dhabi which is Shams Abu Dhabi Project on Al-Reem Island with a total cost of more than 700 Million Kuwaiti Dinars , in addition to another project in Dubai Maritime City with a total cost of more than 60 Million Kuwaiti Dinars .

------------------------------------------------------------------------------------

Bouresly: 190 Million US . Dollars Is “Mayadeen” Investments In Dubai Maritime City Project

23/1/2008 - Al-Qabas Kuwaiti Newspaper

The Vice President for Operations of National Ranges Company “Mayadeen”, Dr. Nasser Bouresly stated that the Company is just about to sign a contract with an international engineering firm to carry out the designs of the strategic project in Dubai Maritime City upon completing the purchase transaction, adding that “Mayadeen” will invest approximately 190 Million US. Dollars in one of the most important and remarkable distinctive and unique projects in the United Arab Emirates which will serve the entire Middle East . He said that “Mayadeen” has managed to sign a contract to acquire an area of approx. 10 Thousand square meters from the overall project's area which amounts to about Two million square meters. He further clarified that the total area of the “Mayadeen” project will amount to 60 Thousand square meters.

Dr. Bouresly continued saying that the cost of the land amounts to 30 Million Kuwaiti Dinars of which “Mayadeen” has already paid about 10% as land reservation dues. With regard to the project, he explained that the project is expected to be completed within about Three years to be ready for operation, including the preparation of designs and studies for execution. With regard to the investment feasibility, he stated that the expected return will not be less than nearly 20%, pointing out that this percentage is conservative.

Dr. Bouresly elaborated that “Mayadeen's” project will comprise commercial offices compatible with the latest international specifications, which targets the leading major companies specialized in maritime activities. He stated that one of the characteristics and advantages of the project is that it is one of a kind and has limited housing units as well as offices and commercial parkes, and therefore it is expected that the demand will be very high. Dr. Bouresly also said that the land on which project will be constructed is ready for immediate construction operations as more than 80% of the infrastructure is already available, and the developers can immediately start the execution of their projects. He explained that the project is characterized by a unique location overlooking the Rashid Port , Nakhlat Al-Deira, Nakhlat Al-Jumeirah, and the World Islands Project while behind it lies the Dubai Tower which is one of the major landmarks in the city.

In another context, Dr. Bouresly revealed that “Mayadeen” will start selling the project units during the last quarter of 2008, adding that in light of many factors, occupancy of offices and other project units are expected to reach 100% in record time. He said that Dubai Maritime City is an ambitious project aiming at attracting all the businesses relating to maritime activities including boat and yacht building, maintenance, and storage as well trading in the related equipment, in addition to the educational, commercial, residential, and recreational services businesses. Furthermore, the project contains one of the largest dry berths in the region in order to meet the needs of companies. He added that the participation of “Mayadeen” in one of the most important strategic projects reflects the company's ambition to engage in major non-traditional projects of high economic feasibility that target the elite of businessmen. He pointed out that all the elements of success are available in the project because of the continuous support by Dubai Government and the availability of infrastructure services and high flexibility, in addition to the other facilities such as absence of taxes and the carefully chosen strategic location of the project, add to that the success of business in general in Dubai, so that it has become the destination for major companies and organizations.

------------------------------------------------------------------------------------

Al-Attar : “Mayadeen: Invests Billion US. Dollars In Real Estate Sector.

9/1/2008 - Al Qabas Kuwaiti Newspaper

The Chief Executive Officer of National Ranges Company “Mayadeen” Engineer Nasser Ali Al-Attar stated that the volume of projects of “Mayadeen” has reached One Billion US. Dollars in record time due to the increase of the Company's capital to One Million Kuwaiti Dinars and its obvious focus on investment in the real estate sector. Eng. Al-Attar said that “Mayadeen's” real estate projects have a variety of activities and objectives and are just a starting point for more aspirations in the coming period. He added that the volume of activities of “Mayadeen” reflects its successful progress in the application and implementation of the strategy and plan developed by the Company's higher management, and stated that all projects of “Mayadeen” are both ambitious and strategic as they select the best opportunities consistent with its vision and strategy. One of the most current prominent projects of the company is Shams Abu Dhabi with a cost of One Million US. Dollars where “Mayadeen” acquired two lots of land in very remarkable locations in the project, which will be used for multiple purposes as the total area amounting to One thousand square meters. He said that the first lot of land of Shams Abu Dhabi will include two towers of approximately 200 meters in height each, in addition to two buildings which will be 53 stories tall, where the development will include residential buildings, shops, offices and car parks. As for the second lot of the project, he explained that a high rise of about 50 stories and four buildings of different heights and stories will be built. He further added that the project will also include, on the same lot of land, buildings for residential purposes, offices and shops. Eng. Al-Attar pointed out that within the strategic diversity of “Mayadeen's” real estate investments and their distribution among the sectors of development, acquisition and investment, the Company has an investment of about One Million US. Dollars in the “ Emaar Business Park ” where the Company owns two buildings, each containing 7 stories for offices with an occupancy rate of 100%. He revealed that “Mayadeen” complies with the policy of continuous exploration and search for opportunities considering that success is a continuous path and not the end of one. In this context, the Company has finally managed to enter into one of the projects of a promising future and feasible investment, which is Dubai Maritime City where “Mayadeen” will invest about One Million US. Dollars by purchasing an area of 9,774 Thousands square meters in order to establish a mega project consisting of offices and shops, pointing out that the project as a whole will be unique in the region, as it will be located on an area of One Million square meters and will contain commercial, industrial, residential, recreational and service projects. To achieve the strategic integration and partnership, Eng. Al-Attar said that “Mayadeen” has acquired a long-term strategic stake in Al-Mazaya Holding Company, one of the leading companies in real estate development and investment, amounting to approximately One Million US. Dollars, which confirms the policy of diversification and expansion without focus on a single sector or field. With regard to the real estate sector, he mentioned that “Mayadeen” gives attention to investment according to opportunity and priority whether in the business, residential or investment buildings as well as non-traditional real estate projects including recreational and service projects. He stated that “Mayadeen” aspires to be one of the leading real estate companies in the Gulf region. It is noteworthy to mention that “Mayadeen” is a closed shareholding company listed on Kuwait Stock Exchange with a current capital of One Million Kuwaiti Dinar.

-------------------------------------------------------------------------------------

NRC purchases land in the UAE
31/Dec/2007 - Arab Times

National Ranges Company (Mayadeen) reported that through its affiliated company Mayadeen has purchased a piece of land in United Arab Emirates in the Dubai navigational area with an area of 9,774 square meters and an estimated construction area of 59,773 square meters with a view to development. The company has paid a down payment amounting to 10 percent of the total price of the land, equivalent to KD 30,000,000 and the cost of the project expected to reach to KD 60,000,000. The company will provide the market management update at the time of signing the final purchase.

NRC was incorporated on May 20, 1998 and listed at the Kuwait Stock Exchange (KSE) on July 26, 2005. Its main activities include construction, supply, installation and maintenance of modern shooting ranges inside and outside the State of Kuwait (conditional upon receiving prior approval of the security authorities when working outside Kuwait); construction, supply, installation and maintenance of specialized workshops for maintenance of all kinds of shooting ranges, and related spare parts; and construction of a training centre to organize indoor and outdoor courses for shooting ranges (conditional upon receiving prior approval from Ministry of Defense for outdoor courses).

-------------------------------------------------------------------------------------

Competition for Reem Island - Mayadeen bought two plots of land at the Shams Abu Dhabi development
by ArabianBusiness.com staff writer on Saturday, 22 December 2007

Al Habtoor Engineering and a joint venture of Samsung and Arabtec are in the running for the contract to build a six-tower project at Shams Abu Dhabi on Reem Island .

The construction contract for First Abu Dhabi, which is being developed by Kuwait's National Ranges Company ‘Mayadeen', is believed to be worth around US $550 million (AED 2 billion).

According to a source close to the development, the project will be made up of four tall towers - each around 54 storeys - and two smaller ones of around seven storeys. Bids were submitted around three months ago, and the contract is expected to be awarded early in 2008. The project manager is Turner Construction, while the consultant is RW Armstrong.

Mayadeen bought two plots of land at the Shams Abu Dhabi development across an area of 21,321m 2 earlier this year. The plots will be developed for residential and commercial use.

The company, which is part of Gulf Investment House, has also invested in real estate projects at Emaar Business Park and Dubai Healthcare City.

-------------------------------------------------------------------------------------

Mayadeen makes appointments
Kuwait : Sunday, 25 March - 2007

Kuwait 's National Ranges Company, or Mayadeen, has elected Khaled Jassem Al Wazzan as its new Chairman and Maha Khaled Al Ghunaim as its Vice Chairman, following a board meeting last week. The real estate investment firm has also appointed Nasser Ali Al Attar as its CEO. Mayadeen has investments in the UAE, including in Emaar Business Park , Dubai Healthcare City and development plots at Shams Abu Dhabi on Reem Island .

-------------------------------------------------------------------------------------

P&T Architects and Engineers Ltd., a Hong Kong based international company employing over 900 staff around the world, have recently opened a new branch in Abu Dhabi to coincide with the award of a major project - the prestigious First Abu Dhabi – Shams, on Reem Island. The project is being developed by Mayadeen Gulf Estate Company (WLL), a subsidiary of National Ranges Company, and enjoys a central location within the 385 acre Shams Abu Dhabi master plan.

According to William Yuen, Director, P&T Architects, “We were delighted to win this project as Design Architects which coincided with the opening of our new office in Abu Dhabi . Since 2004 the value of real estate projects announced in Abu Dhabi has exceeded Dhs 380 billion. Having established ourselves in Dubai we are extremely keen to be a part of this new market.”

This massive comprehensive development consists of two separate adjacent sites with a combined GFA of around 3,500,000 ft2. Primarily residential in nature, almost 2000 flats are provided within 4 main 50-storey high residential towers together with 2 smaller mixed-use blocks. With the population of Abu Dhabi expected to more than double, to 2 million, in the next 10 years there will be an increasing demand for new housing units and this is one of the major projects that will help meet the requirement.

One special feature of this development is that it envisages the first major automated parking system in Abu Dhabi . State of the art technology is utilised to create an extremely efficient parking service for residents and visitors alike which is akin to having personalised valet parking. The system gives the exceptional convenience of being able to drive straight in, drop the car off and then proceed directly to take the lift. The system even allows for the car to be ready and waiting, by registering a smart card when entering the lift.

The Shams Abu Dhabi master plan is currently being developed by Sorouh as a major urban node within Abu Dhabi City , its new heart and metropolitan centre.

-------------------------------------------------------------------------------------

P&T Architects and Engineers has won the contract to design four towers on First Abu Dhabi - Shams on Reem Island project. The firm has opened a branch in Abu Dhabi to coincide with the award of the project.

The development is centrally located within the 385 acre Shams Abu Dhabi master plan that is currently being developed by Sorouh as a major urban node within Abu Dhabi City . The development consists of two separate adjacent sites with a combined area of around 325,150m2. Primarily residential, almost 2000 flats will be provided within four main 50-storey high residential towers together with two smaller, mixed-use blocks.

"Since 2004 the value of real estate projects announced in Abu Dhabi has exceeded AED380 billion (US $103 billion), with Shams Abu Dhabi alone valued at AED9.1 billion. Having established ourselves in Dubai we are extremely keen to be a part of this new market," commented P&T Architects director William Yuen.

First Abu Dhabi - Shams is being developed by Mayadeen Gulf Estate Company (WLL), a subsidiary of National Ranges.

-------------------------------------------------------------------------------------

Mayadeen KD100 million Capital Increase Transaction Closed, Oversubscribed.
Kuwait- 27 Dec, 2006

The transaction attracted major local and gulf investors.
Mayadeen will continue implementing its new strategy and ambitious plans. - El-Quqa -

National Ranges Company KSCC "Mayadeen". The transaction was oversubscribed as it attracted local and regional investors.

Global managed the transaction to increase Mayadeen's capital to 100 million Kuwaiti Dinars (KD) which commenced on the 15 th of November, 2006 and closed on December 13 th , 2006 . Global had succeeded in having the issue oversubscribed, where investors had subscribed to more than the offered 975 million shares during the set period.

Mr. Omar M. El-Quqa, Executive Vice President at Global , said, "The demand for the capital increase was excellent as was evident in closing on the scheduled date with subscriptions exceeding the targeted amount."

He stressed that closing the transaction is an important achievement in the midst of rapid fluctuations in the financial regional markets, especially in this critical period and particularly in the Kuwaiti market, which is witnessing volatility.

He stated that Global was able to surpass the targeted amount, despite the bearish regional markets, which he attributed to many factors including the neutralization of some listed securities and the issue of stake disclosures.

"There was immense interest in the transaction, particularly from strategic investors who took note of the large real estate projects Mayadeen is set to execute, through its real estate subsidiary, immediately upon completion of the increase."

As for the next stage in Mayadeen's corporate expansion strategy, he stressed that it will be a continuation of the success witnessed by the company since its establishment in 1998, and that it will work aggressively to implement its new strategy and ambitious plans.

"The new phase will include firm steps to implement its strategy which aims to make Mayadeen one of the leading real estate companies in the region through investing in outstanding real estate projects with superior returns for the shareholders and investors."

He also emphasized that Mayadeen has drawn long-term real estate regional investment plans to capitalize on the huge boom in the sector.

It is noteworthy that Mayadeen will begin operating its first investments through the ownership of specific real estate properties in Dubai and Abu Dhabi that achieve a balance between income-generating assets and the development of viable properties.

The new investments include two fully-leased luxurious buildings within the Emaar Business Park in Dubai . The company also secured a building in the Dubai Healthcare City (DHCC)

One of Mayadeen's most significant projects is located in the Emirates' capital, Abu Dhabi . It consists of development plots in a strategic location in the Shams Abu Dhabi development, within Al-Reem Island ( Natural Island ).

El-Quqa said that current and new shareholders could sell their shares on KSE immediately upon issuance of the shares, which shareholders will be notified of shortly.

-------------------------------------------------------------------------------------

Mayadeen capital increase attracts investors
Khaleej Times - 09 Dec, 2006

Global Investment House said yesterday that National Ranges Company (Mayadeen) capital increase has attracted regional investors, both individual and institutional.

The placement is witnessing strong demand from companies and financial institutions in addition to individual investors in the Gulf region, especially in the Kingdom of Saudi Arabia , United Arab of Emirates, and Kuwait .

Mayadeen has recently announced its intention to execute its expansion projects in the GCC real estate sector once the capital increase concludes.

Omar ElQuqa, Executive Vice-President at Global — the placement manager — said that Mayadeen has hastened the application process to list on the Dubai Financial Market as a result of the high demand the placement seen in UAE, and prior to the closing date on December 13.

It is worth mentioning that the Commercial Bank of Kuwait (CBK) is offering all new shareholders the opportunity to take a loan to a 1:1 financing ratio, whereby CBK will finance up to 50 per cent of the Mayadeen capital increase investment value.

Mayadeen capital increase placement commenced on Wednesday November 15, 2006 . The capital increase will be used to finance new real estate projects in Dubai and Abu Dhabi , the biggest of which are four residential towers in Shams Project in the Emirates capital that will be developed by Sorouh Company.

Recently, Global launched road shows around the GCC region, held seminars in Kuwait and the UAE to promote Mayadeen. In addition, it promoted the placement during the last Leaders in Dubai forum.

-------------------------------------------------------------------------------------

Mayadeen has acquired two buildings in Emaar Business Park 
posted by Exclusive Dubai , 21 Nov, 2006

Kuwait 's National Ranges Company (Mayadeen) said it has acquired two buildings in Emaar Business Park on Sheikh Zayed Road for Dh500 million. It also announced plans to invest another Dh105m in a commercial building under construction at Dubai Healthcare City .

The company has bought three adjacent lands 1,231 square meters in the Shams Abu Dhabi development. The firm is buying real estate assets in Dubai and Abu Dhabi in order to expand in the real estate sector.

The company plans to build four high-rise towers for residential and commercial use in Shams Abu Dhabi. Construction is slated to begin early next year and is expected to end in mid-2009.

Mayadeen has bought Building No 2 and No 4 in Emaar Business Park on Sheikh Zayed Road . They are fully occupied and have a combined built-up area of 34,627sq m, and have a current rental yield of 6.2 and 8.6 per cent.

Mayadeen has contracted to buy an office building that is under construction in Dubai Healthcare City , with a built-up area of 7,523sq m, for Dh105m. It is expected to be completed by the end of this month.

-------------------------------------------------------------------------------------

Mayadeen signs MoU to buy real estate assets
in the UAE
Khaleej Times - 11 Nov, 2006

National Ranges Company KSCC Mayadeen announced yesterday that it has signed a memorandum of understanding (MoU) to acquire real estate assets in Dubai and Abu Dhabi through its subsidiary. This strategy will facilitate the companys long-term expansion and diversification in the regions real estate sector.

This announcement follows the companys announcement last Monday that it will increase its paid-up capital from KD2.43 million to KD100 million, which will fund acquisitions it has already defined, and in turn, fund the future projects.

Fawaz Ibrahim Al Qattan, the Chairman of Mayadeen, said, "After careful due diligence and intensive negotiations, the board approved Mayadeen to acquire, through its subsidiary, three major real estate assets which operate in the UAE real estate sector in the next ninety days."

"These acquisitions correspond to Mayadeens strategy to incorporate a mix of business ventures in the real estate sector by pursuing opportunities in the sector and providing its investors with revenue-based, geographical and operational diversification," he added.

In doing so, Mayadeen will emerge as a regional real estate company that will pursue opportunities within the sector. The identified acquisitions currently function within the Shams Abu Dhabi project, the Emaar Business Park and Dubai Healthcare City .

The targeted assets fall in line with Mayadeens strategy. Mayadeen plans to immediately deploy the proceeds from the capital increase in order to acquire and develop real estate assets within the Shams Abu Dhabi development, and own and operate two existing real estate assets in the Emaar Business Park and one in Dubai Healthcare City .

Fawaz Ibrahim Al Qattan affirmed that these assets represent the first phase of Mayadeens regional real estate plans, and will continue to redeploy cash assets into new development ventures and towards ownership of income-yielding assets through mix of equity and debt funds.

The acquired assets include three adjacent prime land parcels in Shams measuring 21,231sq m, to build four high-rise towers for residential and commercial purposes; construction to begin early 2007 and end during mid-2009. Primary consultants are under contract, and the developments are currently in the Design Stage. Turner Construction - International is providing project management services, and R.W. Armstrong & Associates has been appointed as the lead design consultant for the three plots secured on Shams.

The other assets include two existing buildings in the Emaar Business Park project (Building No. 2 and 4), which are currently 100 per cent occupied, with an estimated acquisition cost of approximately Dh500 million. The two buildings have a combined built-up area of 34,627 sq m. The rental yield of Building No. 2 and 4 currently stands at 6.2 per cent and 8.6 per cent respectively, with the average long-term yield expected to increase to 9.3 per cent and 10.1 per cent respectively.