Al-Ghunaim: Global records KD34.7m in profits for the 1st quarter 2008, a 54% Increase over same period of 2007

The quarter's total revenues were KD52.6m, an increase of 50.9.% compared to the same period of last year. Shareholders equity has also recorded an increase to reach KD309.1m ($1.2m) on March 31st 2008.

The return on equity and the return on assets have surpassed the international investment industry benchmarks as they reached 43.9% and 14.8% respectively

Mrs. Maha K. Al-Ghunaim, Global Chairperson and Managing Director said, 'All the five pillars of our business model namely Asset Management, Investment Banking, Principal Investments, Real Estate and Brokerage contributed to excellent results for the quarter reiterating the strengths of our diversified and integrated business model. During the quarter we launched several investment products for our clients in and out of Kuwait, which in return should enhance the capital market's capabilities in the region and would, reflect handsomely on assets under Global's management along with the associated contribution to the fee based income in our revenue streams.'

The company's Assets Under Management (AUM) have increased to KD2.5m ($9.3m) compared to KD2.4m ($8.8m) at the end of 2007. This increase is the result of new investments and the performance of Global portfolio and investment funds managed by the company.

Recently, Global's 10 Large Cap. achieved the 'Best Investment Fund' award for 2007 from Lipper - Reuters. The fund's performance have surpassed the market's expectations in 2007, which reflects the value of the investment funds as an investment tool, specially those with unique investment strategies, and its capabilities of generating high returns regardless of the markets fluctuation.

Al-Ghunaim added, 'The first quarter of 2008 witnessed the launch of a number of investment funds with diversified investment strategies. Global launch the Egypt fund, plus the efforts made in marketing existing funds such as the GCC Islamic fund the Jordan Fund and others.

During the quarter, Global has acquired a stake of 15.43% in Bank of Bahrain and Kuwait (BBK), based on an investment strategy focused on continuing to build meaningful stakes in the regional financial institutions and banks where there are synergies with Global's business model.

In the beginning of the first quarter the extraordinary general assembly of Global approved a 35% capital increase to broaden Global's institutional shareholder base as well as to provide access to international investors to our shareholders' base.

Our Investment Banking team acted as a listing advisor for Ithmar Bank on Kuwait Stock Exchange during the first quarter, apart from being involved in several equity placement mandates.

'Global also continued to work with high efficiency in regards to its investments operations management through cost rationalization, financial engineering, and appealing investment products which contributed in increasing the returns on equity and its returns on the investments,' she followed.

At the end, Al-Ghunaim express her deep gratitude to all governmental institutions and entities and Global clients for their support , and the company staff who contributed to the success of Global since its inception till today.