Global appoints Commercial Bank of Kuwait as its advisor to its funding needs

Mr. Jamal Al Mutawa Chief General Manager & CEO of Commercial Bank of Kuwait welcomed Global's steps and commented: "Global Investment House (Global) is a leading investment company with excellent profitability & credit track records, a strong capital base, low leverage, and a very capable management team. Nevertheless, the availability of funding remains a major challenge for the investment sector at large due to prevailing credit market and inter-bank money market conditions. The international debt markets have been tight for a while, whereas more recently the international and regional syndication opportunities have also dried up and Global funding position is no exception to these credit conditions. Renegotiating the terms of credit primarily involving roll-over/extension of debt maturities supported by Global offering security of its assets, thereby converting unsecured shorter term credit facilities into secured medium - term facilities, is a step in the right direction and in the best interests of all its stakeholders. In this regard, a letter has been sent to all the lender banks and financial institutions for a meeting on 21 December 2008 to be held in Global premises."

Global is the sixth largest listed company in Kuwait by the size of its shareholders' equity. With an AUM of $10bn, debt of $3bn, over 600 employees and balance sheet footing of $6bn, good asset quality and about half of it being invested in the country, Global is an investment firm of national significance.

Mrs. Maha Al-Ghunaim, Chairperson & Managing Director, Global Investment House commented: "Global is a leading asset management and investment banking company providing a comprehensive range of financial services with operations across 16 countries in GCC, the wider MENA region and in other emerging markets, with over 600 employees. Global has a diversified business model, an excellent track record of wealth creation for all stakeholders, low leverage and a conservative capital base. Our track record indicates robustness and success of our strategies accompanied with prudent risk management culture. Global is an entity of International relevance. It is the first Kuwaiti company to be listed on LSE; also listed on DFM and BSE. Also, has raised funding through international syndications and its 2 billion EMTN program is listed on LSE. Global's business focuses on the GCC and broader MENA (Middle East & North Africa) region. The fundamentals and economic indicators for this region continue to support vibrant economic activity and growth for at least 3 years horizon.

In these times of world-wide financial turmoil, availability of funding and credit remains a challenge. Nevertheless, we are confident that our robust strategies and diversified business model would put us back on the path of growth and success once market conditions start returning back to normal.