Board Meeting no. (3/3/2026) on April 14, 2026

The Board of Directors held its meeting no. (3/3/2026) on April 14, 2026 at 5:00 PM at the headquarters of the Riffa Views Company, and issued its decisions according to the items below:

1. Approval of the minutes of meeting No. 2/3/2026 held on 3 February 2026

The Board approved the minutes of the previous meeting.

2. Presentation and approval of the draft external auditor’s report on the financial statements for the year ended 31 December 2025

The Board reviewed the draft audited financial report for the year ended 31 December 2025, prepared by KPMG Fakhro, in accordance with the principles and basis agreed during the coordination meeting held on 3 February 2026 with the audit team. The report included the statement of financial position as at 31 December 2025, the statement of income and expenses, the statement of changes in funds, the statement of cash flows, and the accompanying notes including significant accounting policies and other explanatory information.

The external auditor issued an unqualified opinion, confirming that the Association’s financial statements have been prepared, in all material respects, in accordance with the applicable accounting basis. Following discussion and review of the draft report, and upon being satisfied with its contents, the Board resolved to sign the report and submit it to the General Assembly for approval.

In this context, the Vice Chairman noted that a meeting was held on Monday, 13 April 2026 with the audit team, during which the auditor was tasked with performing verification procedures on the revenues from the sale of additional strips in Riffa Views, including reviewing sales agreements, verifying the accuracy of revenue calculations and their alignment with approved areas and pricing, as well as verifying collections and receivables balances, and reviewing the allocation of revenues between the Riffa Views Owners Association and other parties in accordance with the Master Transfer Agreement.

The Board emphasized the importance of completing these procedures as soon as possible, whether prior to the General Assembly meeting to present the findings to members, or after the meeting, to enable the incoming Board to review the results and take the necessary actions.

3. Monthly report of the Association Manager for March 2026

The Board listened to a presentation by the Association Manager highlighting key points from the monthly report, noting a significant improvement in the collection of annual contributions, with BD 61,000 collected during March, bringing the total collections since the beginning of the year to BD 640,000, compared to BD 596,000 for the same period last year, reflecting a 7% growth and confirming the effectiveness of the measures taken to enhance collection efficiency.

The Association Manager also addressed the stormwater drainage network development project on Road 96, which was urgently awarded to Kingdom Projects, with a targeted completion date of November 2026. The RV Real Estate Company team participated in several coordination meetings with the Ministry of Works and the contractor to monitor progress and ensure implementation in line with approved plans and standards.

He further noted that this project forms part of the broader Road 96 development project, which includes the construction of dual carriageways on both sides from the intersection with Al Muaskar Road to the National Guard checkpoint on Road 96. Additionally, the project includes connecting the stormwater drainage network into Riffa Views through feeding the lagoons. The Association Manager also indicated that the Ministry of Works requested a temporary site for managing the development works, and land located on Road 96 behind the gas well was allocated for temporary use.

Following discussion, the Board commended the efforts made in this regard, noting that a permanent solution will be achieved for the stormwater accumulation issue on Road 96, and emphasized the importance of facilitating the Ministry of Works and contractors to complete the project within the agreed timeline.

4. Presentation and discussion of the revised drawings for the Association headquarters project

The Board reviewed the revised drawings for the Association headquarters project, taking into account comments previously provided by Board members. The revisions included an increase in the built-up area to 1,900 square meters due to the addition of several service facilities.

Following discussion, the Board emphasized the need to reconsider this increase and reduce the proposed area to limit construction costs and avoid additional future operational burdens. In this regard, the Association Manager stated that the design firm has been informed of the Board’s comments and that the revised drawings are awaited.

5. Presentation and discussion of the Board’s report for the General Assembly

The Board reviewed the 2024-2026 report to be presented at the General Assembly, with copies distributed to members for review and comments. It was agreed to coordinate with the Secretary to review all comments and incorporate necessary amendments in preparation for approving the final version of the report. The Board also emphasized the need to proceed with issuing invitations for the General Assembly meeting, with invitations to be sent on Thursday, 16 April 2026.

6. Approval of Board members’ remuneration for the second half of the second year of the 2024–2026 term

The Board reviewed the attendance and participation report of Board members for the second half of the second year of the third electoral term (2024–2026). In accordance with the Association’s By-Laws, the Board approved the payment of remuneration for that period in the amount of BD 625 per Board member.

On the occasion of concluding the current Board’s term, the Board extended its appreciation and thanks to all Association members for their valuable proposals and contributions in supporting the Board’s work. The Board also expressed its gratitude to the Association Manager and his team, as well as all service providers, and wished the incoming Board continued success.

The meeting concluded at 5:50 PM.