Al-Nouri: Global records KD 61.5 Million profit for 2005 with an EPS of 235 fils

Mr. Anwar Al-Nouri, Global Chairman said that the return on equity saw an increase from 52% in 2004 to 64% in 2005. Furthermore, revenues have increased by 174% compared to 2004 reaching KD80.1 million (USD274 million).

Assets under management had reached KD1.8 billion (USD6.2 billion) by year-end, an increase of 77% from last year. "This is a testimony to the company's investment abilities, and more importantly, the clients' trust," he affirmed.

Mr. Al-Nouri spoke about the income fee based strategy adobted by Global since its inception in 1998, which contributed greatly to its increased revenue year after year.

"We continued our commitment to leadership and benchmark setting that we adopted since inception, which led to great results. We maintained our course when we implemented our expansion strategy in the region which paid off generously in the form of regional and international recognitions for the company, its products and management."

He followed by saying, "2005 was the year of spreading seeds as we expanded our investment and geographic reach by opening new branches in UAE and Jordan and entering new markets. It was also a year of harvest."

Last year, the internationally known "Euromoney" magazine awarded Global "Best Equity House in Kuwait" in May then the "Best Real Estate Investment House" Award, in December. In addition, the Gulf Excellence Company named Global as the "Best Company in Kuwait".

On the products level, Global AlDurra Islamic Fund took the lead among similar funds in Kuwait with the highest returns in 2005. it has recorded 88% in 2005 revenues.

In addition, Global AlMa'amoun Fund announced profits for the fourth consecutive year last June at KD21.4 million or 35.27%. The total dividends of the fund exceeded KD63 million (USD215 million). Global U.S. Real Estate Fund distributed 7.2% cash dividends shortly after making its first two investments in the United States. The company also launched the Opportunistic Fund, the first multi-million pre-IPO fund in the region with a capital of USD550 million.

Global's Chairman pointed out that Global Distressed Fund Eurekahedge, the world's largest independent hedge fund research company ranked it 3rd Best Hedge Fund in the World", while Barclay Group ranked it "7th Best Hedge Fund in the World".

On the management level, the Arabic edition of Newsweek magazine chose in April Mrs. Maha K. Al-Ghunaim, Global's Vice Chairman and Managing Director, as one of the "Most Influential personalities in the Middle East". Later in November, Arabian Business Magazine chose her as "Business Women of the Year".

Forbes International Magazine last year highlighted Mrs. Al-Ghunaim among "The 100 Most Powerful Women; Women to Watch in the Middle East", and in December among the "Top 50 Leading Arab Women" by Arabic edition of the same magazine.

Mr. Al-Nouri said that Global witnessed major strategic developments as its listing on the Dubai Financial Market (DFM) following it successful listings on the Kuwait and Bahrain Stock Exchanges (KSE, BSE) in May 2003 and October 2004, successively.

He pointed that Global accomplishments on the investment banking side were rich and diverse. They encompass launching two new funds, 13 private placements totaling more than KD220 million (USD753 million) and six listings on KSE.

The company's chairman said, "it is clear now that Global, through its accomplishments, was able to place itself in the lead within the financial services as they are a source of satisfaction and challenge; satisfaction to what we have achieved, and a challenge to maintain and improve our selves."

At the end, Mr. Al-Nouri thanked the company's shareholders and clients for their support and assured that their interests remain a priority. He also thanked all the concerned parties and board members for their efforts and cooperation and all the staff for their loyalty and dedication.