Honorable Shareholders,

Peace be upon you and God’s Mercy and Blessings…

It gives me great pleasure on behalf of the board members and my esteemed colleagues to present to you the First Annual Report of the TAMDEEN ENTERTAINMENT Company  since its establishment. The purpose of this report is to reveal the accomplishments of the Company during the previous fiscal year as well as its most significant forthcoming ventures. Moreover, this report will present the Company’s financial results as incorporated with the auditor’s report.

Honorable Shareholders,

The operational strategy of TAMDEEN ENTERTAINMENT Company is to provide distinctive and enjoyable entertainment services and products that appeal to every age group and consumer segment in Kuwait. To actualize these strategic objectives, TAMDEEN ENTERTAINMENT employs the latest and most exciting technologies available in the global entertainment industry. Lending further support to our operational activities, the Company has secured special agreements with international suppliers of state-of-the art entertainment products and services.

To further its long range goals and support TAMDEEN ENTERTAINMENT’s operational and technical framework, the Company has brought onboard an elite group of highly qualified and experienced staff. This multi-national workforce has empowered all aspects of the operational, financial and administrative activities with a firm commitment of the organization towards developing the potential of both Kuwaiti nationals and other nationals alike in aspiring to higher qualifications.

The Company is about to commence operations on its first entertainment project in Kuwait, comprising three major parts: the Bowling Alley, the Family Entertainment Hall, and the Youth Entertainment Hall. This project shall occupy a fully covered space of nearly Nine (9) Thousand square meters at the 360 Mall owned by “Tamdeen Shopping Centers,” and is expected to commence operations during the current Year 2009.

The Company’s Management is determined to achieve a success story for this project by conducting prudent, reliable studies and by using carefully-selected quality entertainment services introduced by a work team that sincerely believes this project will become a main destination for the residents and visitors in Kuwait.

To accommodate these ambitious plans, the Company increased its capital twice, first from 1,000,000 Kuwaiti Dinars to 6,000,000 Kuwaiti Dinars, and finally to 8,500,000 Kuwaiti Dinars. These capital increases were undertaken after conducting an updated, comprehensive and integrated feasibility study of the Company’s future strategies with the purpose of revising the original feasibility study to reflect long term Company Management planning and adaptations for the entire entertainment projects. We hope that through serious efforts, the aspirations of TAMDEEN ENTERTAINMENT will go a long way in the near future.

Honorable Shareholders,

Despite the global financial crisis and its impacts on the Gulf region, we still believe that the vital and important entertainment industry can overcome such a crisis through the undertaking of premium projects, as is substantiated by several reliable economic reports. Moreover, the Company’s financial structure is free from credit and market risks linked to its activities.

Honorable Shareholders,

As for the Company’s asset structure, the total assets currently amount to 8,430,220 Kuwaiti Dinars, representing projects under progress, of which 2,124,021 Kuwaiti Dinars represents the sum already paid to the suppliers and contractors of the project. Another sum of 5,163,930 Kuwaiti Dinars is being deposited by the Company with a prominent local bank to benefit from the subsequent liquidity towards project expenses until its completion.

The past fiscal year involved mainly groundwork and preparation for launching the Company’s activity; therefore, financial statements do not yet include any operational revenues. Nonetheless, the Company has realized non-operational revenues amounting to 199,531 Kuwaiti Dinars, which represents revenues from deposits, while expenses amounted to 373,983 Kuwaiti Dinars of which the workers expenses were 256,020 Kuwaiti Dinars. Accordingly, the Company’s net loss amounted to 213,298 Kuwaiti Dinars for the period since its establishment on 22nd January 2007 till 31st December 2008.

In Conclusion,

On behalf of the board of directors and myself, I would like to seize this opportunity to extend our highest praises and thanks as well as profound appreciation to His Highness, the Amir Sheikh, Sabah Al-Ahmed Al-Jaber Al-Sabah, His Highness, the Crown Prince, Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, and His Highness, the Prime Minister Sheikh Nasser Al-Mohammed Al-Ahmed Al-Sabah, for their continued support and patronage to the private sector in the country.

I would also like to extend my thanks to the Company’s honorable shareholders for their trust and continued support; expressing my thanks and admiration to my colleagues and members of the board and the Company’s staff for the fruitful efforts they put forth to attain the results aspired to by the Company during the Year 2008.

Ahmed Dekhel Al-Osaimi
Chairman & CEO