Al-Daiya United Real Estate Company held its extraordinary general meeting on Tuesday, August 27, 2024, and agreed to amend Article No. (47) of its Articles of Association to become as follows:

First: A percentage of not less than ten percent of the net profits shall be deducted annually by a decision issued by the Ordinary General Assembly,  based on a proposal from the Board of Directors to form a mandatory reserve for the company. The Assembly may stop this deduction if the mandatory reserve exceeds half of the company's issued capital.


Second: The Ordinary General Assembly must decide to deduct a percentage of the profits to meet the obligations imposed on the company under the labor and social insurance laws, and a special fund may be established to assist the company's workers and employees.

Third: (1%) shall be deducted and allocated to the account of the Scientific Progress Foundation. 

Fourth: A percentage not exceeding 10% of the net profits may be deducted annually, by a decision issued by the Ordinary General Assembly based on a proposal from the Board of Directors to form an optional reserve allocated for the purposes determined by the Assembly.

Fifth: The Ordinary General Assembly of the company may, based on a proposal from the Board of Directors, distribute profits to shareholders at the end of the fiscal year, or on a quarterly or semi-annual basis. It may also, by a decision from the Ordinary General Assembly renewed annually, authorize the Board of Directors in advance to distribute profits on a quarterly or semi-annual basis and to determine the timetable for this distribution. 

The validity of this distribution is conditional on it being from real profits, and in accordance with generally accepted accounting principles, provided that this distribution does not affect the company's paid-up capital.