Salam Bounian Development Co. held its General Assembly meeting on Wednesday 24th Feb,2010 ,at the Millennium Hotel –Al Sadd Area in Doha, headed by its Chairman Mr. Issa Abu Issa and in the presence of the Board Members, after a quorum was met. Mr. Abu Issa welcomed to the meeting the representatives of the Ministry of Business and Trade /Companies Controlling Department and the company’s Auditors, Messrs. Talal Abu Ghazaleh .

During the meeting ,Mr. Abu Issa presented the financial results and stated that the Company in 2009 allocated it’s available resources to finance and execute its projects ,most of which are either under construction or at the stage of completion. He also confirmed that due to the Company’s conservative policy and risk management policy, the affects of the financial global crisis were mitigated and that the Company still reserves retained profits which will cover any losses incurred at present and in future until the completion of the projects that will start producing revenue and generating income.

In 2009 the main shareholder ,Salam Int’l, provided financial support to Salam Bounian in order to insure the financing of the Company ,as a preliminary step to acquisition and to secure constant funding of its projects avoiding any discontinuation in their development . The Company decided to present Salam Int’l with an acquisition offer for its full dividends and once the relevant studies and approvals will be completed and issued the Board of Directors will present the issue to the General Assembly.

Also the discussions included the Company’s plans for 2010 and which will focus on developing the main projects in Qatar and will be reconsidering other projects abroad. It is worthy to mention that the partnership project in Beirut “Le Gray “ hotel was launched in Nov,2009 and is enjoying outstanding success . Salam Bounian will follow up on its management and development.

Mr. Issa stated that the Company’s activities in social and environmental responsibility during 2009 were fruitful and Salam Bounian won two local and regional CSR awards which added to the Company’s good reputation that was earned over the years.

During the meeting the auditors, Messrs Talal Abu Ghazaleh, presented the consolidated financial statements for the fiscal year ended on 31/12/ 2009 to the General Assembly who endorsed the balance sheet and the income statement and also endorsed and approved the Auditors’ report.

Furthermore The General Assembly approved the absolving of the Board Members against any liabilities for the year ended 31/12/2009 and approved the appointment of the same auditors for the year 2010.

Salam Bounian Development Co.

Salam Bounian Development Co. is a private shareholding company incorporated in July 2006 as a real estate investment and development company with a capital amounting to QR. 550 million. The major shareholders are Salam International from Qatar. Massaleh and Wafra from Kuwait and Amwal Invest from Jordan but the majority are Qatari businessmen. The company develops commercial, residential, industrial and touristic developments.