With reference to the announcement of Saudi Real Estate Company dated 25/2/2016 regarding the recommendation of Consulting Services that prepare feasibility study and work plan to establish a company for contracting and building construction works, Saudi Real Estate Company, hereby declares the approval of the Ministry of Commerce and Investment on the license to establish Saudi Real Estate Construction Company a Saudi closed joint stock company based on the resolution of the Ministry of Commerce and Investment No (G/38) dated 22/02/1438 H, with capital (100,000,000) One Hundred million Saudi Riyals only, consists of (10,000,000) Ten million shares with Par value of (10) Ten Saudi Real only for each and all are common cash shares. The Saudi Real Estate subscribed (60%) Sixty percent, and it is expected that the capital of the new founded company to be reflected in the 4th quarter of 2016 in the Saudi Real Estate Company financial statements, while the capital will be financed through the cash flow from the operating activities. Also Kaya Homes subscribed (40%) Forty percent , the activity of the company concentrated in building construction, building maintenance on a commercial basis and the company headquarters will be in the City of Riyadh.

This company established to be an executive arm of the Saudi Real Estate Company in such manner to achieve high quality, fast accomplishment and low construction cost, due to the rich experience of Kaya Homes Company which extends to more than (27) years in the execution of Construction works for Residential, commercial, hotel, educational buildings, hospitals and Sport-playground in the Republic of Turkey. as per the building systems (Form Works) to transfer and localize this technology in the Kingdom.