Kindly be informed that a subsidiary of National Real Estate Company K.S.C.P. (Carina Views Properties Development Limited) has entered into a Memorandum of Understanding for the sale of its two plots of land located on Al Reem Island, Abu Dhabi, United Arab Emirates, having a combined total area of
Material information form
Title of the material information * :
Supplementary disclosure regarding a subsidiary
Material information * :
Kindly be informed that a subsidiary of National Real Estate Company K.S.C.P. (Carina Views Properties Development Limited) has entered into a Memorandum of Understanding for the sale of its two plots of land located on Al Reem Island, Abu Dhabi, United Arab Emirates, having a combined total area of 13,001 square meters, for an aggregate purchase consideration of AED 400,000,000 (approximately KWD 33,432,000). Completion of the transaction is subject to the terms and conditions set out in the Memorandum of Understanding, and the purchase consideration shall be paid in accordance with the payment mechanism specified therein. The Company is expected to recognize a profit of approximately KWD 8,883,034.77 in its income statement upon completion of the sale. This profit is also expected to be reflected as an increase in shareholders’ equity in the statement on the balance sheet by the same amount.
Date of the material information * :
23/09/2026
Further to the disclosure issued by National Real Estate Company K.P.S.C. (the “Company”) on 16 September 2026 regarding one of its subsidiaries, Carina Views Property Development Limited, the Company would like to announce that, as a result of the brokerage fees to be paid by the Company in connection with the transaction, the expected profit will decrease from KWD 8.2 million to KWD 7.5 million. The Company expects the profit to be recognized in the income statement for the third quarter of 2026 to be 7.5 KWD.