Our research and development centers are the intellectual core of our manufacturing strengths. Our decision to establish a major research and development center in Sandefjord, Norway, was rooted in the region’s rich legacy of innovation and expertise. We developed glass reinforced plastic technology at this research center along with the continuous fiber winding process that paved the way for global adoption of this technology. Our company continues to lead the world in innovation from this distinguished location. We established our center in Dammam to localize our technology in Saudi Arabia, enhance our ability to serve the local market and develop Saudi Arabian engineering expertise. We have developed numerous products at these centers that the company now provides to its clients such as mega water tanks, jacking pipes and glass reinforced epoxy pipes. We are currently developing a new system that includes replacing asbestos pipes with modern technology.

Our group's strategies are aligned with the pillars of the Vision 2030 initiative, which aims to catalyze economic and social transformation across the country. Amiantit now represents 12 factories in various geographical regions within Saudi Arabia. Each of these serves the initiative’s projects and other state developments to develop the Kingdom’s infrastructure. In response to the government’s recent focus on the water sector, we have prepared our company to have available all required resources from the outset. These efforts included increasing our workforce of engineers and technicians and opening the doors for our global companies to establish a presence in Saudi Arabia such our German water treatment engineering entity PWT. We take pride in our role in enhancing human support projects related to water, providing sustainable water solutions and developing local human capacities. The group is committed to supporting the Saudi Arabian economy while maintaining a strong presence in the global market.

Maintaining the skills of our human capital is a top priority for the company. Amiantit’ s esteemed reputation in the market positions us as an attractive employer for both new and experienced professionals. This mix contributes to the continued professional development of our employees and ensures we remain at the forefront of our industry. Our ability to retain and develop staff is high. More than 20% of our employees have a tenure of over 10 years, and more than 30% of our employees have worked for the company for more than 20 years. We have strong collaborations with universities and offer attractive training opportunities; around 5% of our current employees were once trainees. Our training efforts are aided by our extensive international footprint and our aforementioned licensing program to disseminate technologies.

Saudi Arabia is actively fostering an investment-friendly landscape through the implementation of new laws that are progressively unveiled to enhance the appeal of a diverse range of sectors, including heavy industry, construction and tourism. The evolution of the financial system and the absence of certain international taxes serve as catalysts for maximizing the Kingdom's potential. Any challenges met by companies are met with proactive support from the government and regulatory bodies. These entities embody the vision of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud by actively working to overcome obstacles. This commitment is highlighted by the prominent role of Saudi Arabia within the recent G20 summit.

Both domestic and international investors seeking industry leaders known for quality and good governance will find a strong partner with Aminatit. These core principles distinguish us from other manufactures in the Kingdom. We enjoy the confidence of all local regulatory bodies and organizational entities, which is evident in the regular issuance of the company's financial statements in accordance with regulations and ongoing announcements about the company’s latest developments. Our recent strong progress reflects Amiantit’ s significant role in the Kingdom's economic, industrial and urban development. The company's financial capability, marketing prowess, human resources and esteemed reputation cultivated over more than 50 years make Amiantit an attractive investment environment for all global investors, including Americans. Our collective assets position us as a prime candidate for investment in the Kingdom's burgeoning future.

Maintaining a leading position in the market of a large and endowed corporation with widespread presence and advanced technologies represents one of the most formidable challenges for any CEO, particularly in the aftermath of restructuring. Strategic planning is the cornerstone of success. This extends both outwardly regarding the greater sector and inwardly to the company's various sectors and departments. Amiantit Group’s new objectives will be crystallized into a five-year strategic plan that will soon be presented for approval to the board of directors. The plan includes diversifications that have not yet been implemented within the company while ensuring the maintenance and continuation of our previously attained goals and maximizing shareholder equity, profits and returns. We must sustain the company’s position as a global powerhouse, which is one of the objectives of the Vision 2030 initiative. Success is achieved through daily diligence and weekly and monthly monitoring of strategic plans.