Global's General Assembly approves the election of the Vice President of Dubai Investment Group and distributing 50 per cent cash dividend, 20 per cent stock dividend

The approval came during the AGM annual meeting, with 88.5 % of the company's shareholders in attendance, as well as representatives of the Ministry of Commerce and Industry, Kuwait Stock Exchange, auditors Al-Aiban and Al-Osaimi - Ernst & Young and Co., and Anwar Al-Qatami & CO. - Grant Thornton.

The meeting held the election of Mr. Soud Ba'alawy as a member of the company's board of directors as a result of Mr. Al-Nouri's resignation to fulfill his position for the rest of the board's designated period.

The meeting commenced with a presentation of the Board of Directors' report by the Chairman and Managing Director Ms. Maha Khalid Al-Ghanim, in which she first thanked Mr. Al-Nouri for his excellent and valuable contribution to the company and praised Global's great achievements and results during 2006 by recording a net profit of KD 71.4 million (USD 246.6 million) which outperformed competition & prior years. She also commented, despite the negative sentiments that the GCC markets have observed and all the challenges 2006 faced, Global continued to achieve positive results and maintain sustainable growth.

She also added, "The effective implementation of our strategies and the successful diversified business model has contributed to consistent and handsome growth in net income and diversified business lines and product offering lead to a simultaneous growth in fee-based & other recurring earnings and gains from PE investments & trading."

In 2006, Global achieved a wider territorial coverage using local, regional and international sales team to drivin assets under management and 14% growth in AUM despite negative GCC and MENA market sentiments.

Al-Ghuniam affirmed that "The assets under management has several funds outperformed their respective benchmarks & achieved high global ranking", such as (Global Ten Large Cap Fund was ranked as best performing equity fund in Kuwaiti market. Global Distressed Fund was ranked as the 2nd best fund in the world in terms of Sharpe ratio).

Global has Privately placed KD 240 million for five companies ranging from venture capital deals to secondary offering. Global also was a lead manager, co-lead manager and listing advisor for several equity issues. The successful increase of National Ranges (Mayadeen) up to KD 100 million, the United Towers Company to reach KD 45 million and Ithmaar Bank (co-manager & listing advisor to a USD 236 million issue) are all part of Global's success in Investment banking.

The Investment Banking team also acted as M&A advisor for several deals and an advisor to Al Soor in full acquisition of Al Mulla International Leasing Leasing & Finance Arranged Murabaha financing of KD 115 million.

On the other hand she continued, the private equity team has successfully managed USD 1.1 billion assets. Global's own private equity investments and exits from these investments have given us handsome realized and unrealized income.

She affirmed, "Over the past few years we have developed PE core competencies in GCC, MENA, Turkey & Asia region across diversified economic sectors in finance, banking, insurance, real estate, education, healthcare and hospitality, we have also expanded from GCC to entire MENA region and emerging markets like India. The coverage expanded to GCC investment strategies, private equity, IPOs, oil & gas and banking sectors in the region."

Global's Chairman and Managing Director also commented on the company's geographical expansion during 2006 and said that Global has acquired Investment services license from Qatar Financial Centre, investment services license from Jordan, investment banking license from Central Bank of Bahrain and applied for KSA license from Capital Markets Authority-KSA. Global also acquired a 25% stake in Barings Hong Kong, 43% stake in Jahangir Siddiqui -Pakistan and a 75% stake in Global Sudan (KD 6 million).

Al-Ghunaim also mentioned the awards and recognitions that Global had in 2006, where "Euromoney" has awarded Global as "Best Real Estate Investment House" and " Best Equity House in Kuwait" and "The Banker" magazine also awarded Global for "The Deal of the Year".

She added, "Our Earnings Per Share have steadily increased despite continuous expansion in issued capital implying efficient utilization of additional capital, where earnings per share (EPS) have reached 108 fils and the total equity also reached KD 244 million compared to KD 120.5 million in 2005.

In return on equity, Global is one of the best by regional standards implying best of breed value creation for shareholders. Cash dividend distribution of KD 34.4 million with a 79% y-o-y increase, therefore, cash distributions to shareholders continues to grow. Global also has strong growth in businesses lead to balance-sheet expansion with 130% growth in total assets.

In regards to the shareholder's wealth creation, the cumulative cash dividend distributions reached KD 78.3 million and Cumulative book value at 31/12/2006 also reached KD 244.4 million. Cumulative absolute appreciation in shareholders' wealth (on book value basis) reached KD 195.4 million (153.5%).

Ms. Maha Khalid Al-Ghanim also mentioned some social activities that Global sponsored through the year. She affirmed that "these activities are part of the social responsibility that we believein". Global's Launch in the College of Business Administration in Kuwait University along with sponsoring The National Union of Kuwaiti Students - United States branch, were some of her examples.

After Ms. Al-Ghunaim ended her speech, the auditors of Al-Aiban and Al-Osaimi - Ernst & Young and Co. started there part of the meeting.

In conclusion, Ms. Maha Khalid Al-Ghanim thanked the Board Members and all Global's employees and shareholders for their efforts and support.