Mr. Mohammad Sohail Shamsi - Chairman

Tameerat is a leading developer and multi-service provider to the real estate sector in Ajman, UAE. Ajman’s buoyant real estate market, coupled with the vision of the rulers of Ajman in dispensing with favorable policies towards incubating the real estate sector resonates well with our corporate strategy.

Overall, Tameerat has successfully managed to navigate the difficult operating environment thus far while maintaining a sound operating fundamental that reaffirms our resilience to external constraints. Our efforts to align the progress against project deliverables is in line with our aims to bolster client confidence by assuring them that investments within our projects are secure and have a high potential to yield attractive returns. Our strategy to leverage off the expertise of our highly specialized resources has resulted in the smooth and unhindered progress of our projects. In addition to our strategic planning, our deep understanding of the needs of our clients has enabled us to stay on track of our goal, which is to provide an ideal development environment where our clients can enjoy the benefits.

Our project plans have preliminary approval from the Ajman Municipality. Whilst the project construction work has already been started, we are positive that we will be able to deliver within the stipulated completion deadline of December 2011 despite the challenges posed by the global economic crisis. The secret to our success has always centered on uncompromising business model, based on integrity, innovation, intensity and involvement. These basic business principles have ensured that Tameerat is synonymous with trust, professionalism, credibility, sincerity, impeccable reputation and commitment.

As a direct result of our resolute principles and reputation in the market place, our clients have trusted us with the unparallel appreciation and continue to be active stakeholders in our vision. This is a further testimony to fast paced and secured maturity of the realization of our investments, as well as the faith that our loyal clientele have in our projects of present and future projects.

The crisis in the real estate sector continued and became even more deteriorated in the first quarter of 2009 and it is impossible to make a reliable assessment of the conditions for the future term. Our management’s foresight and astute decision of not leveraging our assets when cheap credit was easily available has conservatively hedged our risk profile to the current credit liquidity downside. Using our cash reserves to stay on course, we have benefited from assuming absolutely no debt and credit exposure to adverse credit conditions. As for repayment risk and preclude the possibility of problems for our clients who have been exposed to credit deterioration we have actively solicited joint solutions whereby consensus are mutually agreed and implemented. It is nonetheless important that our clients continue to discharge their contractual obligations in view of adhering to our vision as joint partners.

We welcome the formal announcement of “Ajman Real Estate Regulatory Agency” Decree to regulate and monitor the real estate sector. For Tameerat and its projects “Al Hambra 1” and “Al Hambra 2”, the new legislation signals further confidence in Ajman’s real estate market which will only serve to strengthen the trust between all concerned entities. We also appreciate the new legislation concerning property developers to open an escrow account with a bank before being allowed to launch a new project, protecting the investment and ensuring projects are duly executed. In this context, we have already applied for registration with ARRA and awaiting an NOC in order to proceed with an escrow account. Against this background, Tameerat is fully committed to enhancing the value we offer to all our stakeholders including our partners, shareholders and most importantly to those who have bestowed their investments and trust with us, namely our clients.