Company Milestones

Salhia | Haddia Holding GmBH | Drawbridge Securities | KPI

	1974		Establishment of Salhia Real Estate Company with a capital of KD 5.5 million, of which KD 3.575 was called.
	1975		Construction begins in Salhia Complex project
	1976		Building permit from Municipal Council granted for construction of a 5 Star Hotel. Signed a 25 year agreement with Le Meridien Hotels to operate the hotel.
	1977		Complete the second final capital call of KD 1.925 million to the company. Therefore, the capital of KD 5.5 million is fully paid. Obtain a building permit for Le Meridien Hotel Kuwait on 22/6/1977 and construction began on 1/7/1977
	1978		Increase the company's capital from KD 5.5 million to be KD 8 million at KD 0.100 per share.
	1979		Grand opening of Salhia Complex in the third quarter of 1979
	1980		Obtained a formal approval from the Ministry of Trade and Industry for listing Salhia Real Estate Company in the Kuwait Stock Exchange, converting it from a private to a publicly listed company on 10/2/1980. Grand Opening for Le Meridien Hotel Kuwait on 15/6/1980
	1981		Salhia Real Estate Company appoints Mr. Fawzi Yousef Al-Nafisi as General Manager of the company, and Mr. Jawad Mohammed Barakat as a Deputy General Manager of the company.
	1982		The company's capital paid hit KD 19,200,000 million, with an increase of 60% than the previous year
	1983		The Le Meridien Hotel Kuwait signed the Hotel Union Owners standardize prices agreement on 1/10/1983. Agreeing a contract loan of KD 8 million for a period of seven years with the National Bank of Kuwait.
	1984		After 5 years of leasing Salhia Complex, Salhia Real Estate Company renewed the contracts for the tenants with an increase between 20% - 60% in rent.
	1985		Refurbishment of Salhia Complex and Le Meridien Hotel Kuwait.
	1986		The par value of the share price has been reduced from 1 KD to 100 fils, in compliance with Trading Companies Law, Article No. 99 of the declaration No. 132 of in year 1986, therefore, number of company capital shares increased to 192,000,000.
	1987		An independent valuer values both Salhia Complex land and Le Meridien Hotel Kuwait land for KD 59,211,988 million
	1988		Le Meridien Hotel Kuwait signs the Hotel Union Owners updated price agreement for 5 Stars Hotels on 1/6/1988
	1989		The Municipal Council Committee approves on land separation of Salhia Complex from Le Meridien Hotel Kuwait.
	1991		Commencement of operations of Salhia Complex immediately after liberation 100% occupancy over a short period of time and complete emergency repairs for the Le Meridien Hotel Kuwait and commence operations.
	1992		Le Meridien Hotel Kuwait opens the Thuraya Hall in the 16th floor The Municipality approves Al-Sahab Tower development.
	1993		Establish Haddia Holding Company in Germany. Completion of the formal procedures to own 62% of retirement and disabled housing in Germany for Haddia Holding Company. Receipt of the construction permit from the Municipality for Al-Sahab Tower project and delivery of design schemes and sketches.
	1994		Commencement of Al-Sahab Tower project. Salhia Real Estate Company increases the ownership percentage from 62% to 93% in Haddia Holding Company - Germany.
	1995		Completion of Al-Sahab Tower projects' internal finishes in May 1995. Salhia Real Estate Company has achieved good profits from investing the financial surplus available in new investment channels including SAREC - Germany.
	1996		Completion of Al-Sahab Tower project as and becomes Salhia Real Estate Companys' new headquarters. Changing Salhia Real Estate Company logo, which defines the identity of the company.
	1997		Grand opening of Al-Sahab Tower. Establishment of Key Property Investments , a 50/50 joint venture with St. Modwen Properties to become a gateway to Salhia Real Estate Company's investments in the UK real estate market with a capital of 25 million Pounds Sterling on 16/5/1997.
	1998		Salhia Real Estate Company purchases 5 lands in Sharq area, and 8 buildings in Fahed Al-Salem Street area. Salhia Real Estate Companys' Board gives approval to Haddia Holding Company to purchase 2 nursing homes in Germany. Salhia Real Estate Company has signed a contract to participate in Thorn Hill residential development in North Carolina, United States.
	1999		Approval of Array schemes draft.
	2000		Salhia Real Estate Company obtains official approval from all parties to commence development of the Arraya Tower project.
	2001		Relocating Salhia Real Estate Company headquarters to Salhia Complex. Implementation of Salhia Plaza project and car parks to serve the Salhia Complex visitors and tenants. Al-Asima project in planning stages.
	2002		Implementation of Arraya Tower and finishes procedures. Salhia Real Estate Company assign the hotel operation to J. W. Marriott Hotel, Le Meridien Hotel Kuwait previously. The Board of Directors of Salhia Real Estate Company and St. Modwens decide to increase Key Properties Investments' capital from KD 12.1 million to KD 24.2 million.
	2003		Grand opening of Arraya Tower project Grand opening of Marriott Courtyard Hotel in Kuwait Establishment of Drawbridge Securities a UK joint venture, specializing in land option investments. Completion and opening car parking that serves Salhia Complex during the third quarter of 2003.
	2004		Completing installation of all computer services in Arraya Tower, Marriott Courtyard and Conference Hall. Opening of (Plon) nursing home in Germany managed by DANA GmbH, a subsidiary of Haddia Holding Company in July 2004. Obtain establishment license for three cafes in the plaza area of Arraya Complex.
	2005		Completing Arraya Plaza which includes cafes, and organize family festivals and exhibitions. Signing of the final agreement with the National Bank of Kuwait on 14/6/2005 to serve as underwriter of the Al-Asima Project.
	2006		Establishment of Al-Asima Real Estate Company with a capital of KD 80 million, through a 50/50 joint venture between Salhia Real Estate Company and The National Bank of Kuwait and its clients. Salhia Real Estate Company sells Al-Asima land to Al-Asima Real Estate Company for KD 115 million. Receive plannind consent for Al-Asima Project in July 2006. The Board of Directors of Salhia Real Estate Company agree to merge Haddia Holding Company with its affiliates DANA and SAREC.
	2007		Grand opening of Salhia Plaza Sale of 8 parcels of land in Fahed Al-Salem Street area for KD 36,550 million.