Board of Al Ahlia Insurance recommends shareholders to approve a cash dividend of 50%

Al Ahlia Insurance is a subsidiary of Damac Holding and one of the oldest public shareholding companies providing all classes of insurance in Bahrain. Al Ahlia Insurance registered a 24% growth in gross premium for the fiscal year 2008 compared to the fiscal year 2007. Al Ahlia Insurance Co. is a shareholding company listed in the Bahrain Stock Exchange.

Established in 1976 Al Ahlia gained tremendous credibility in a highly competitive market. In a continuous endeavor to provide the best services to its clients, the company has constantly made efforts to employ human and technological resources to enhance its position and performance. Al Ahlia Insurance is also a member of a consortium that insures the Bahrain's national carrier Gulf Air.

The growth is owed to the firm's continued effort to explore avenues to adapt products that suit the ever-changing needs of society, and introduce new products that meet the needs of future lifestyles.

Hussain Sajwani, Chairman of Damac Holding, said:

"We are very pleased with Al Ahlia's performance in 2008. The company is growing from strength to strength and we plan to strive towards another impressive performance in 2009."

"Our ultimate aim is to provide our shareholders with the piece of mind that they are part of a highly profitable organization. The results that we announced in 2008 prove that our company is on solid ground with substantially high growth potential. Therefore we have suggested our shareholders to approve the cash dividend and bonus shares," added Sajwani.

Al Ahlia is part of the multi-billion dollar conglomerate Damac Holding, one of the largest business groups in the region, with operations in 18 countries and a 7000-strong employee portfolio. Damac has grown over the last 27 years from a local catering entity into an international conglomerate whose activities encompass property development, insurance, manufacturing, education, securities, investment and commercial trading.

"The insurance industry, being part of everybody's daily life, is witnessing a new evolution that revolves around the ever-changing needs of the client. Appropriate creative solutions are therefore designed to meet these needs. Keeping in mind our commitment to becoming the leading insurer of the nation, and being fully aware of the challenges ahead, we have already seen the positive results of the ceaseless efforts of our staff who are actively involved in creating social awareness about the value of insurance, reaching the various segments of society," concluded Mr. Sajwani.