Dear Esteemed Shareholders,

On behalf of my fellow members of the Board of Directors, I would like to extend my sincerest gratitude for your trust and continued support, and I am pleased to share the Annual Report for the financial year ending on December 31st, 2024, which includes the company’s performance, financial results, and major developments for the year.

During 2024, Mabanee achieved excellent performance, as reflected in our financial results, and highlighted by the milestones of our various projects extending across in the region. Mabanee delivered positive financial and operational results, whereas the net profit in 2024 increased to KD 65.2 million.

On the strategic level, occupancy levels increased in our current projects in Kuwait and the Kingdom of Bahrain, further reflecting the company vision to achieve sustainable growth and its strategy of diversifying investments and targeting new sectors. Moreover, we seek to continue our journey to expand our brand through our investments and strategic partners in each geographical location in which we operate.

The Board of Directors and Management are committed to Mabanee’s ESG journey and milestones in the field of environment, sustainability and corporate governance. This falls in line with the company’s sustainability strategy and vision and is evident in the company’s current developments and projects in the pipeline.

On the operational front, occupancy rate of ‘The Avenues – Kuwait’ reached 98%, where The Avenues remains one of the largest and most successful shopping, leisure and entertainment destinations. Additionally, the occupancy rate of ‘The Avenues – Bahrain’ reached 97% as well. The second phase of The Avenues – Bahrain will provide an additional 42,000 square meters of gross leasable area, further adding new exciting components and a unique and distinctive experience for visitors.

During the year 2024, Mabanee signed an operating contract for ‘Plage 13’ (formerly Hilton Mangaf Hotel & Resort) with the Touristic Enterprises Company. The development enjoys an exceptional strategic location overlooking the sea in Kuwait. Upon receiving the land, there will be a period of 16 months to complete the renovation works, followed by an investment period of 17 years.

Moving on to ‘Aventura’, our project in Jaber Al-Ahmad City that represents the company’s first Public- Private Partnership (PPP) project and followed by ‘Souk Sabah’ situated in the south of Kuwait under partnership with the Public Authority for Housing Welfare. In line with the company’s commitment to sustainability, Aventura obtained preliminary approval for LEED Gold certification from the US Green Building Council. The retail component of the project, Aventura Mall’ is currently underway, while the residential component ‘Aventura Residences’ is expected to be completed by mid-2025.

In the Kingdom of Saudi Arabia, we progressed with our construction work which reached 65% of ‘The Avenues – Riyadh’ project, valued at over SAR 16 billion (approximately USD 4.3 billion). Additionally, the contractors have been appointed to develop the towers component of the project, which will begin in April of 2025. ‘The Avenues – Khobar’, which began construction work last year, is at 16% construction completion and progressing according to plan.

Finally, I would like to extend my sincere gratitude and appreciation to the Executive Management for their dedication and valuable contributions and efforts.

We wish further progress and prosperity for the State of Kuwait under our wise leadership.