Salam Bounian Development Co. held its General Assembly meeting on Monday 28th Feb,2011 ,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 declared that the Company in 2010 confronted the economic and financial crisis and allocated it’s available resources and all its additional loans to finalize its projects ,particularly “The Gate” project in West Bay ,which will start its operations during the first half of 2011 and” Jumana Tower “ project at The Pearl which was finalized and sold to Salam International to ease off the financial debt and improve the financial position with the banks .As to the “Le Grey“hotel project in Beirut , Mr. Abu Issa confirmed that it is doing very well in terms of occupancy and at present the income from the hotel is being deployed to finance loan payback to the bank in Beirut .

Mr. Abu Issa also confirmed that since no positive income has been generated from these projects at present ,negative results appeared in this year’s financial figures, however the company in these exceptional economic circumstances, is committed to its credibility and continuity in delivering the major projects, by depending on its main shareholders and specially Salam International who has supported the company since its inception. Nevertheless, the company is looking forward to good revenue from these projects in the coming two years.

Mr. Abu Issa continued about the company’s present strategy which will focus on reinforcing the financial status of Salam Bounian and reducing its debts to a good balance while focusing and exerting all efforts to open the “The Gate “ project and starting its operations being the largest and most promising project within the company . Also the strategy will include reassessing the company’s other local and regional projects. He also confirmed that the company still reserves retained profits which will cover any losses incurred, at present and in future.

During the meeting the auditors, Messrs Talal Abu Ghazaleh, presented the consolidated financial statements for the fiscal year ended on 31/12/ 2010 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 31/12/2010 and approved the appointment of the same auditors for the year 2011.