Global records KD62m net profits in first 9 months in 2007

Last year's profit were KD55m. The total revenue for Q3 2007 stood at KD104m.

Mrs. Maha K. Al-Ghunaim, Global's Chairperson and Managing Director 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 30%, while total assets stood at KD811m.

Assets Under management grew by 13% since the beginning of 2007 reaching KD2.355bn, thanks to capital acquired by existing investment funds and new funds launched this year, in addition to assets managed by Global.

Speaking about the quarter's millstones, she stated that Global acquired through its private equity funds a significant equity stake in Ajlan Bin Abdulaziz Al Ajlan & Brothers "Ajlan", a major Saudi textile manufacturer. The transaction was concluded by the private equity funds team for its funds focused on investing in the GCC/MENA region.

"The purchase of a significant stake is an important step to strengthen our relations with our clients in the Kingdom of Saudi Arabia and to cement our presence in the lucrative Saudi market."

Global launched a Real Estate Ijarah Fund taking advantage of the Middle East & North Africa (MENA) real estate sector and Islamic financing competence, she said that the new fund has two unique elements that are considered pillars in current economic prosperity in the MENA region; investment in real estate and Islamic Shari'a financing tools.

Global ended up from First Jordan company with over-subscription procedures which was a success in terms of the large number of subscribers of (67,387) that reached to a total of (224,288,004) Jordanian Dinars.

Al-Ghunaim followed by saying that Global researches received top rankings from Euromoney magazine, cementing Global's firm belief in scientific approach to investments in the region.

"Since its inception, Global saw research as valuable economic instrument which the region has lacked and we were determined to change the prevalent attitudes back then towards research in general and to what was considered taboo of some sorts in evaluating listed companies,"

she explained.

At the end, Mrs. Al-Ghunaim 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.