Global records EPS 86 fils, compared to 75 fils for the same period 2005

Last year's profit were KD42 million (USD147 million), while revenues reached KD53 million (USD185 million).

Mr. Anwar Abdulla Al-Nouri, Chairman of the Board, said that the nine months period has been dynamic with many developments on the investments and products sides and on all geographic fronts. This contributed to the high revenue growth of 53% along with an increase of assets under management to KD2.021 million (USD7 billion) and total assets of KD 581 million (USD 2 billion).

"Global launched the third real estate investment fund investing in Asia during the past quarter, adding to similar funds that operate in the GCC region and the US. It had launched an Islamic Retakaful and serviced apartments companies."

"In addition, the company received a major syndicated loan from an international bank that was a proof to its financial stability, creditability, and investors' trust."

Furthering its geographic reach, Global obtained a license to open a full-fledged investment company in Doha, Qatar. This new step is inline with the company's expansion strategy in the regional promising markets, AlNouri stressed.

During the quarter, Global launched Asia Real Estate Fund that aims to take advantage of the potential development opportunities in the immature Asian Markets mainly focusing on investing in emerging sectors in China and India and Asia in general, all in accordance to Islamic Shari'a law.

Last year, Global launched the U.S. and GCC real estate funds with similar strategy and structure.

The two real estate funds continued there investment streak, however. Global GCC Real Estate Fund made its third land acquisition in South Hail district, capital area of Muscat, the Sultanate of Oman, as part of its GCC investment strategy. While Global US Real Estate Fund concluded its fourth real estate acquisition in Arizona, USA.

Taking advantage of its success, Global has amended the structure of the Global Al-Ma'moun Fund to be open-ended, allowing investors to take advantage of its unique structure and great success since its inception in April 2001. The fund reported a yield of 120% of total dividends since its inception and profits reached more than KD61 million.

On the other side, Global received a general syndication of USD75 million 3-year term loan facility with an interest of LIBOR + 1% arranged by WestLB Ag, London Branch. The extra amount of USD25 million raised is a good indication of the credibility and perception of Global being one of the leading financial institutions in the GCC and MENA region.

In July, Global launched Al Fajer Retakaful Insurance Company KSCC (AlFajer) as a Reinsurance Islamic Company with a paid up capital of KD50 million. AlFajer is the first licensed Retakaful Company in Kuwait and the second the Gulf region.

Later in August, Global also launched Arabian Hospitality Holding Company (KSC), which is gearing up to set up GCC's first chain of branded luxury Serviced Residences exclusively managed by the internationally recognized and Singapore-based Fraser Serviced Residences (Fraser).

At the end, Mr. AlNouri thanked Global's clients and shareholders for their valuable trust and continuous support. He extended his gratitude to the company's management and staff for their great efforts to benefit the shareholders.