Dear Shareholders:

We have adopted the vision of “A Broad Vision to A New Horizon” that is based on the renovation and restructuring of Gulf Navigation Holding Group, aiming to develop our performance and expand our scope of work, which required joined forces and focused support to enable our company to move forward in a short period of time. We have successfully managed to address a several internal and administrative issue related to the company’s capabilities and services. We have achieved this progress through conducting an essential change in our beliefs, business and vision to better understand the local, regional and international market variations. Renovation and stimulating business are the core pillars in order to keep pace with the various global economic deviations.

We have adopted a strategic plan for the Gulf Navigation Group and its companies until 2025 based on the concepts of “The Holistic Approach”. It is a roadmap that outlines the future to support the process of growth and development and diversification of income sources in line with change, knowledge and continuous innovation. We have committed ourselves to the concepts of change and modernization through the implementation of integrated policies that contribute to the development of our business and provide the appropriate environment for innovation, creativity and outstanding performance of our employees. The strategy includes six main axes that aim at developing business, partnership and transition GNH to a new horizon of upward growth, innovative and continuous development in enhancing its presence on the field of marine transport, maritime and specialized shipping services and promoting advanced marine business concepts and empowering our employees through the company’s values of “winning culture”

With launching the new phase, GNH has unveiled its new brand and its subsidiaries, which will contribute to enhance its position, increase its competitiveness globally, and move it to a new horizon of growth and continuous development to become one of the best innovators in the maritime sector.

This strategic move is considered an added value to Gulf Navigation Holding Group strategy that aims at providing full-integrated and diversified services in the shipping and maritime sector, as well as the ship management and operations sectors in order to achieve value in terms of performance and operational efficiencies and to achieve its targeted deliverables. The Group is constantly seeking to modernize, renew and provide high quality services to the local and international markets, which opens up new opportunities to develop our services to our existing clients and to attract more potential clients.

Moreover, we have adopted plans and programs to fully comply with international environmental laws to reduce the heat-trapping emissions that cause global warming and climate changes and their targets for 2020, 2025 and 2030 in addition to the immediate and future transformation to decrease the environmental impact of our fleet and trans-sea operations.

The robust financial results over the past two years are considered as a testimony to the success of our ongoing efforts to transform GNH into one of the most innovative and competitive companies in the maritime sector. We also focus on the constant development and diversifying our income resources for the chemical tankers, petroleum products and integrated marine services. We have recently added two new petrochemical carriers, Gulf Mishref and Gulf Mirdif to our fleet. These carriers are considered as an important addition to our fleet as they will contribute to enhancing our capabilities in the field of petrochemical transportation, which reflected positively on the value of the company’s assets that increased from AED 959 million to AED 1,076 billion with a growth rate of 12% equivalent to AED 117 million.  Moreover, raising our capital over the past months will help us provide continuous liquidity to enhance the company’s ability for business expansion. Once the company completes its fleet expansion plan and operational equipment, it will become one of the largest one stop-shop that provides integrated services to the maritime sector. This will help us achieve our identified strategy and goals by 2021.

Finally, these remarkable achievements would not have been accomplished without the support of our Board of Directors, our strategic partners and the productive efforts of our team. We are proud to have the best national and international caliber, who have significant experience in the maritime sector. We will continue to exert our utmost efforts in spite of the difficulties and challenges facing the world economy and the international shipping industry in order to maintain our leading position and the trust that we have gained from our investors and shareholders.