Gulf Navigation Holding PJSC stock begins trading on the Dubai Financial Market

The company shares began trading today, Wednesday (February 7, 2007) under the trading symbol "GulfNav" that will appear on the DFM screens, trading systems and publications. GulfNav is the 48th company to list its shares on the DFM and the third within the 'Transportation' sector.

The listing of ordinary shares of GulfNav was finalized and approved by the DFM in collaboration with Emirates Securities and Commodities Authority. Ownership of the company's shares is open to GCC Nationals who are allowed to acquire the company's shares at a maximum of 100 per cent. The company's paid up capital is AED 1.655 billion as on February 7, 2007.

GulfNav is a leading company in the maritime crude oil, oil products and liquid chemicals transportation industry worldwide. It operates through a fully integrated organization structure, which provides the full spectrum of services related to crude oil and liquid chemicals transportation, maritime commercial agencies, vessels technical management and vessels port agency services.

The Company's primary line of business is the chartering and operation of crude oil, oil products and liquid chemical tankers. GulfNav is the sole sales and distribution agent in the GCC countries for several global maritime services companies. It also provides ship owners with the full spectrum of port docking services capitalizing on its strong team of experienced professionals.

Essa Kazim, Director General of DFM, said: "Gulf Navigation Holding PJSC is the second prestigious listing on DFM in 2007. We firmly believe that with every listing, the market adds more depth and diversification while offering a balanced portfolio to investors. The listing of GulfNav reaffirms DFM's pole position and our potential to grow further. We truly offer unique investments opportunities for a vast spectrum of investor segments."

Engineer Abdullah Abdulrahman Al Shuraim, Chairman of Gulf Navigation Holding PJSC, said: "We are glad that our 46,000-strong family of GCC shareholders will now be able to trade their shares on the DFM, one of the region's leading stock exchanges. With strong fundamentals and aggressive expansion plans that will enhance shareholder value year-on-year, the Board aims to make our company shares a must-have for the investor community. Gulf Navigation Holding PJSC is now ideally placed to move into the next phase to realise its global ambitions."

According to the interim consolidated unaudited financial results of Gulf Navigation Holding PJSC for the year 2006, the company has demonstrated strong growth. Total assets of the company increased to AED2.27 billion. Operating revenue increased to AED163.6m compared to AED101.3m for the year 2005 and net profit increased to AED52.57m as compared to AED35.78m for 2005, amounting to an increase in net profit of about 47 per cent.