Press Release

FOR IMMEDIATE RELEASE

Kuwait – 29 April 2012

• Al Mazaya anticipates that Clover Center constitutes a “core” to attract medical tourism to the State of Kuwait.

• Al Mazaya is keeping pace with the role of governance in serving medical care and the needs of citizens and expats in Kuwait.

• Through Clover Centre, Al Mazaya establishes new ground to serve the private medical sector in Kuwait.

• Several factors are behind the success of Clover Centre, as a clinics compound.

•The medical Complex has attracted rare specialties and medical activities for the first time in Kuwait and the Middle East.

• Al Mazaya has received investment offers that are under study and evaluation

Al Mazaya Holding endeavors to implement its new strategic plan for the next three years, subsequent to obtaining the approval of the Board of Directors. The plan, which was announced earlier this year, includes the need to explore potential investment opportunities in the medical, educational, retail and nutrition sectors, particularly since the company’s success in completing, delivering, leasing and managing the greater part of its projects in Kuwait and the Arabian Gulf.

Al Mazaya has recently completed a field study of the market indicating a significant lack in medical care, health and educational services in Kuwait. The study, which showed significant results, has recommended the importance of creating alternatives to traditional real estate investments, and having real estate focused on the health and education sectors.

MEDICAL EXPENDITURES EXCEED US $ 100 BILLION

The study, led by a dedicated team from within Al Mazaya Holding, indicated that the Kuwaiti market in particular and the Gulf market in general suffer shortages in several specialised medical care services, causing GCC nationals and residents to travel abroad to access these services. This constitutes a real loss for, not only for the medical sector, but also the national economy. It has also a negative impact on tourism and retail business when citizens and residents leave for other destinations where medical care is served.

Expectations indicate a possible annual increase in medical expenditures by 20-30% in the light of the soaring figures of the expenditure between 2006-2012, which are estimated at US $ 100 billion of which 20% is from GCC and the Middle East countries. In the UAE, medical treatment abroad amounted at one billion US dollars; however, the number is much higher in Saudi Arabia.

The Mackenzy report of 2008 indicated that 40% of these travelers seek advanced medical technology while 32% look for better medical services, 15% want quick medical services and a further 9% prefer less costly treatment.

One of the key indicators in this regard was underlined by the United Nations with regards to the increase in the GCC’s population rate by 2.2% in the period from 2010 to 2015, compared to a 1.1% for the rest of the world. This leads to the need for an increase in the volume of services provided at various levels, especially health care.

Part of Al Mazaya’s plan focuses specifically on the medical sector and the need to open doors for medical tourism, therefore Engineer Salwa Malhas, Executive Vice President for Business Development and Marketing at Al Mazaya Holding said that Al Mazaya’s project development and research department has conducted a detailed study of the current prices of real estate appropriate for medical investment. The study also covered the laws and legislation involved, an examination of locations and areas, as well as the medical sector’s needs and demands. The success of Clover in Kuwait also encouraged Al Mazaya to implement this study, both locally and abroad, to increase the benefit to the company.

Malhas stressed that the efforts Al Mazaya exerted to study the market are directly in line with the company’s strategy to find investment opportunities and potential alternatives, for the interests of company and shareholders alike.

She added that these studies have shown that the Kuwaiti market are in need of a variety of additional real estate projects, as there are a number of development types that are lacking in the various regions of Kuwait, including Jahra Governorate which enjoys the highest population density among the country’s six governorates.

In addition, the qualified Kuwaiti physicians, who reflect the Kuwaiti government’s significant investment in the human capital, need to practice what they learned abroad on ground level for the benefit of the country and its citizens.

“With its strategic location, Clover medical centre is a breath-taking architectural masterpiece. The project’s finishing and design, as well as the wise real estate management including security, maintenance, and cleaning services around the clock, have met the expectation of its medical cadres to be able to practice their profession in a rich and rewarding environment,” said Malhas who pointed out that above and beyond the afore mentioned factors, it was the well-deserved reputation of Kuwaiti physicians that were behind the success of Clover Medical Centre.

She explained that the 93% occupancy rate in the Clover Centre reflects the volume of efforts being exerted by Al Mazaya.

“Clover Center” New Medical Technology

Malhas remarked that the Clover Center, with its wide variety of medical services available, such as developed ex-rays, an integrated medical laboratory, a stated of the art production pharmacy, and anti-aging and other specialized clinics, was a great source of pride for Al Mazaya.

“During the first quarter of this year, Al Mazaya received a number of real estate investment offers, manifested in real estate assets (land and buildings), long-term partnerships, or capitals looking for investment opportunities within this vital sector. These offers require developers within the healthcare sector. Currently, Al Mazaya is studying and evaluating such investment opportunities to raise its recommendations to the board of directors,” she said.

Eng. Malhas expressed the hope that the Clover Medical Centre would represents a “nucleus” to attract medical tourism to the State of Kuwait, and keep pace with the governance role in building several hospitals and new medical centers, to better serve the citizens.

The Clover Center has attracted 57 clinics specialized in various medical fields, including uncommon specialties in the region that fall under the modern disease category, such as anti-aging, sleep disorders, obesity, oxygen treatment, and rehabilitation, as well as other auxiliary services such as laboratories, radiology and pharmacy. The Clover Centre also includes one of the largest centers for nuclear radiation in the Middle East and is equipped with magnetic resonance imaging “MRI” capabilities.

Over 250 employees, consultants, technicians and doctors with various specialties are employed in these clinics.

It is worth mentioning that the Clover Centre is the first rent-based medical clinic complex in Kuwait and is Al Mazaya’s first investment project in the field of medical care. It is located on an area of 4000 square meters in the Al Jaberiya district – one of the most vital areas in the heart of Kuwait.