Press Release

Kuwait- March 4, 2009

Khalid Esbaitah, Managing Director and CEO at Al Mazaya Holding, mentioned that the recent influence of the global financial crisis has deeply affected the market and rendered debtors unable to pay money owed to Al Mazaya. This has forced Al Mazaya to adapt a series of precautious measurements, which could affect 2008 returns.

“A number of factors have pushed Al Mazaya to take measurements that may seem hard at the moment, but will, on one hand, definitely be helpful in sustaining the company in the future, while on the other hand will preserve the assets and money needed to complete current and future projects”, said Esbaitah.

Esbaitah continued, saying that “All of Mazaya’s properties are carefully selected to be located in prime locations, but the current decline in prices in the property sector has made Al Mazaya take some precautious measurements that will render the company and its projects safe from current and future market fluctuations.”

Esbaitah noted that Al Mazaya will not be affected by the case of debtors not paying outstanding amounts as measures were put in place initially that assured strong documentation and contractual obligations that protect Al Mazaya from market fluctuations. Esbaitah considered this policy a strong point for Al Mazaya, along with the careful decisions, solid strategies, and valuable assets that will grow due to the responsible policies the company currently follows.