Chairman Address
( Mr. Khaled Bin Omer Bin Jasir Albaltan )
Dear Shareholders
I am pleased to present to you the 15th annual
report for the fiscal year ending
31/12/2008 about the activities of the company and its goals and future plans.
The report before your hands contains valuable information about the company.
The main points are, as follows :
• The company achievements through its activities in the industrial, real estate
and the financial
investments; in addition to other services investments.
• The company projects and its future objectives and the projects under study
and those pending for
completion of required procedures.
• Assets and Liabilities of the company and the results of works during the last
five years.
Aquantities and quality analysis for the sources of income.
• Comparison of operation results and stating the most important changes in it.
• The efforts of the Board of Directors during the year of 2008 and the dealing
with the factors and
results of the international financial crisis.
• The achieved financial results during the year 2008 and auditor’s report and
financial statements.
Al-Ahsa Development Company has faced like the other companies unexpected
difficulties arising
from the international financial crisis which has effected the local paper
securities market doing an
effect for the company’s investments in the paper securities by the end of year
2008. But, with the
grace of God, the Board of Directors of the Company has deal wisely with the
crisis to reduce the
dangers and protect the company’s investment by dissolving some investments
during the year and
transfer the other to real estate investments that helped to support the
financial position of the
company and made a growth for shareholders equity.
The Board of Directors and management of the company are working to overcome the
international
economic difficulties to carry out the strategic projects of the company in
collaboration with
specialized international companies.
I will not miss to mention and forward all the thanks and appreciation to the
Custodian of Two Holy
Mosques King Abdullah Bin Abdul Aziz Al-Saud and the Crown Prince HRH Prince
Sultan Bin
Abdul Aziz Al-Saud and our wise government for the support they offer and
solving all the
difficulties facing the company which contribute to the development of the
National Economy.
Thanks to all the Shareholders for their confidence in the Board of Directors
and also I would like
to thank my fellow colleagues, members of the Board and the members of the
Audit, Investment and
Executive Committees and all the staff of the company for their sincere efforts
for developing and
improving the company investments.
I pray to the God to support all our sincere efforts and works.
Chairman