Global Investment House lists its stock on the Bahrain Stock Exchange

Mr. Omar Mahmoud El-Quqa, Executive Vice President delivered a speech welcoming his guests on this special occasion which marks the listing of Global on Bahrain Stock Exchange.

Mr. El-Quqa said that the aim of Global has been since its establishment in 1998 to become a regional company working with international standards. We started in Kuwait and were able to add a lot to the Kuwaiti Market by playing a major role in developing and enhancing the capital market. After the infrastructure completion of the company, we started to offer the best to our shareholders and clients. Thanks God we were able in a short period of time to reach a leading position among the investment companies in the region. Worth mentioning that Global was listed on Kuwait stock exchange in May, 2003.

Mr. El-Quqa explained that Global had contributed in changing the Kuwaiti capital market from an individual to an institutional market, and succeeded in launching unique and innovative investment instruments in the Kuwaiti Market such as Global Al-Ma'amoun Fund, the first investment tool with two classes of units. These tools also contributed in creating a local competitive market and making a radical change in offering a variety of financial instrument to clients. Today Global manages 6 investment funds in the local market with assets exceeding US Dollars 2.12 billion (KD 628 million).

Global has played a leading role in reviving the bonds market in Kuwait through launching the first bond fund, and managing most of the local bond issues resulting in an increase in the size of the Kuwaiti bonds market reaching around USD 1.2 billion and KD 474 million.

Global has also played a vital role in the scope of B.O.T. projects which Kuwait government adopts, the latest was the role of the consultant for Kuwait Petroleum Corporation.

Mr. El-Quqa added that the assets managed by Global increased to USD 2.88 billion at the end of the second quarter of 2004.

In the year 2003 the revenue of the company increased by 189% reaching US Dollars 60 million, most of which were fee based. Net profits increased to 42 million dollars in comparison to 10.5 million in 2002. As a result to this, the return on capital in 2003 was 79% and the dividends were 30% cash and 30% shares.

In the first half of the current year, operating revenues exceeded USD 33.9 million, which means an increase of 17% from same period of the last year. We were able to achieve a net profit amounting to USD 26 million that is 13% increase, which means an EPS of 36 fils with an increase of 9% compared to the first half of 2003.

Mr. El-Quqa added that increasing the number of listed companies on Bahrain Stock Exchange is one of the important objectives of Global. The first step is listing Global on Bahrain Stock Exchange.

About Global presence in Bahrain, Mrs. Najah Al-Aali said that our presence in Bahrain is not new but goes back to the past two years, when Global launched investment funds which are based in the Kingdom of Bahrain, with managed assets exceeding USD 650 million. Our presence was also characterized through conducting research on several listed companies on the Bahrain Stock Exchange in addition to issuing two economic reports about Bahrain in May 2003 and January 2004.

Ms. Al-Aali emphasised that Global aims through its presence in Bahrain to play a major role in enhancing the capital market through financial consultations, bond Issues, Islamic Murabaha, launching specialized investment funds, and expanding our coverage in research to include many listed companies and others. We are in the process of finalizing the Global Index for the performance of Bahrain Stock Exchange similar to the Global Index for the Kuwaiti market.