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Souk Salmiya officials during the board meeting
Souk Salmiya achieves profit of 47 fils per share Board approves recommendations

KUWAIT CITY, April 6: Souk Salmiya Real Estate Company held its general assembly meeting for the financial year 2013, which was attended by all its members. According to a press release, the assembly agreed on all points included in the recommendations presented by the Board including the distribution of 25 percent cash profits to capital shareholders. It discussed the board report on the financial year that ended on December 31, 2013, as well as the auditor’s report, general budgetary report, statement of profits and losses, and the financial transactions carried out by the Board. After the general assembly meeting, the Board Chairman and CEO Marzouq Khalid Al-Marzouq announced that the company has achieved profits worth 47 fils per share in 2013 compared to the profits worth 33.04 fils per share it achieved in 2012.

He affirmed that the board’s policy has protected the company from the local financial crisis, stressing that the company is keen on implementing the criteria of governance and transparency issued by the surveillance authorities. He extended his appreciation to Nouf Real Estate for General Trading and Constructions Company, which is its partner and manager of the Souk Salmiya project, revealing that it provides his company with extensive support.  Al-Marzouq also indicated that the company has obtained real estate projects in Sabah Al-Ahmad Marine City such as establishment of commercial complexes, central markets, restaurants, cafés and other entertainment facilities.

Meanwhile, Deputy Chairman of Board of Directors Fahad Khalid Al-Kulaib said the Board diligently seeks to diversify the company’s activities, adding that it is studying several investment opportunities and possibilities of participation in development projects of which the country will float the tenders based on the Build, Operate & Transfer (B.O.T.) system. He said, “Due to the support of the Board, the company has achieved a prominent status among other companies in the country. The project of Souk Salmiya is among the outstanding and unique projects in Kuwait”.

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