First Dubai General Assembly agrees not to distribute returns or bonus shares for 2008

Led by Seraj Al Baker, First Dubai chairman, board member Abdullah Al Rodhan, and a representative of Al Bazie Auditing, the meeting boasted an attendance of 83%.

After welcoming the attendees, Mr. Al Baker explained First Dubai's financial performance and status as of 31/12/2008 in detail, saying: "Despite the global financial crisis, First Dubai managed to gain net returns of KD619,831 in 2008 against losses of KD111 in 2007, with earnings per share (EPS) of 1.562 fils against losses of 0.001 fils in 2007.

"First Dubai's total assets amounted to KD135,586,314 on 31 December 2008, compared to KD67,309,901 in 2007, while total liabilities amounted to KD42,047,191 in 2008, against KD44,304,592 in 2007. Total private equity reached KD88,061,410 in 2008, compared to 23,005,309 in 2007," he added.

In line with current market conditions, First Dubai's general assembly meeting has agreed not to distribute cash returns or bonus shares for the financial year that ended on 31/12/2008.

About First Dubai's activity and growth during 2008, Al Baker said:

"First Dubai began its actual activity in April 2003, launching Sky Gardens, which was completely built and sold in 2008. During the company's life span of 6 years, First Dubai has managed to double its returns rapidly."

Al Baker noted that First Dubai has acquired 85.15% of Future Project Management Co., which in turn owns quality assets, including 4 plots at the Waterfront Project in Dubai.

Al Baker also talked about his company's 63,572 square feet plot at Morina Project, Abu Dhabi, which was released in March 2008. The company is currently developing the plot with specialized engineering companies, at a total cost of KD30m.

Furthermore, First Dubai has purchased an 116,756 square feet plot at Al Liwan Project in Dubai. The company has started developing the plot with parent company Al Mazaya Holding, at a total cost of KD8.8m.

First Dubai has also purchased 19 plots at The Villa in Dubai, where it will develop 19 villas, with total area size of 154,302 square feet, at a total cost of KD5.8m.

Commenting on First Dubai's projects, Al Baker said that his company is moving ahead with the development of its projects in Dubai. 98% of Al Liwan has been sold, while a plan is being put in place to complete its remaining projects, including Morina Residential Complex located at Shams Abu Dhabi, The Villa at Dubai Land, and the Waterfront Project.

In addition to real estate investments, Al Baker said that First Dubai is investing in a number of shares, either directly or through investment portfolios managed by specialized investment companies.

He also mentioned that First Dubai and Al Mazaya Holding are currently studying merger plans, with Al Shall Consulting Company conducting feasibility studies for the merger process.

At the conclusion of the general meeting, First Dubai's board of directors was re-authorized to buy 10% of its total assets for 18 months, according to item no. 132 issued in 1986, and item no. 15/1987, executed by the Minister of Commerce and Industry. The board of directors was also re-assigned with the issuing of stocks in Kuwaiti Dinars, or any currency it sees fit, as per Kuwaiti laws and regulatory legislations.