As we approach the 2nd decade of the 21st Century, I wish to report to the clients, colleagues and strategic partners of our global corporation on the challenges and events of the past year and our plans for the future.
2009 has been a year of dramatic change and opportunity for SMI Hyundai. The global economic downturn has affected every element of the markets we serve. I am pleased to report that SMI Hyundai has retained market share and continued to prosper, even as we have been required to find new and additional means to finance short-term operations. The challenges are real, but our ability to effect positive change has sustained the company and enabled us to move forward in many respects.
We celebrate the appointment of David Dale as our new President and CEO. Under his new and dynamic leadership, our senior corporate management has been reorganized with more immediate lines of communication and decision-making for our operations worldwide.
My own appointment as Chairman reflects the company’s long term commitments to remain engaged on a world-wide basis and aggressively seek out and capture new major development projects. My colleague, Mr. Max Pincione, recently appointed as Vice President for Marketing in the Middle East and Africa, will be an important contributor to our success in those regions. One example is that the Company is expanding into Bahrain with a multi-phase feasibility study for a major housing, retail and services development project.
Operations in Europe continue to focus on the reorganization and re-financing of the WCCB Project in Bonn, Germany. The project is in its 5th year of operation and has been the subject of some controversy and comment in the local press; however, SMI Hyundai remains engaged in dialogue with city officials on how best to complete the project and bring the new hotel and convention centre into full operation.
Our activities in North Africa are directed at resolving certain issues currently the subject of further negotiation for projects already undertaken. We fully expect these negotiations to be successful.
The goals for 2010 will be to bring current projects to a successful and profitable completion, expand core competencies, consolidate management, restructure long term financing, increase market share and continue to strive to be an innovative, industry leader in the markets we serve. I invite you to watch our progress, follow our confidence and commit to be a part of the global economic recovery.
With best wishes for a prosperous and peaceful New Year for all, I am
Sincerely,
H.R.H Prince Khaled Bin Alwaleed Bin Talal Bin Abdul Aziz al Saud
Chairman, SMI Hyundai
January, 2010
