Over 300 guests attend third annual KIPCO Shafafiyah (Transparency) Forum

The event attracted an invited audience of over 300 shareholders, investors and leaders from Kuwait's business community.

The annual event was the third since the series began in 2004 and part of KIPCO's business transparency programme that aims to create an ongoing dialogue between the Group and its stakeholders. The audience heard presentations from KIPCO's major operating companies which included business reviews of 2005 and financial forecasts for 2006.

Two of the companies presenting their financial forecasts for 2006 were Burgan Bank and Wataniya. The bank forecast a 21% increase in net income for 2006, while Wataniya predicted its net income would rise by 26% during the same period. As a result of the healthy forecasts from its operating companies, KIPCO is forecasting a total net income of KD 47 million (US$ 161 million) for 2006, a rise of 24% from KD 38 million (US$ 130 million) in 2005.

For the first time, KIPCO's Shafafiyah Forum also included an exhibition by the Group's main operating companies which is now open to the general public. The exhibition showcases the latest products and services from the financial services, telecommunications and satellite television markets. The exhibition, in the Sheikha Salwa Hall at the Marina Hotel, Salmiya, is open to the public until Friday, 5th May.

Welcoming the guests to the Forum, Mr Faisal Al Ayyar, KIPCO's Managing Director and Chief Executive Officer said: "This Forum was created for a sole purpose - to allow our current and potential investors and partners to see what we are doing and how we are doing it. We're proud of the fact that over the last two years, each of our core companies has delivered or exceeded the forecasts they made. This is a tremendous achievement in itself, but it also clearly demonstrates the quality of our budget planning process and the strength of the management teams that make the results happen."

"We believe our transparency produces a healthy dialogue between the Group and its stakeholders - and that this dialogue builds the kind of long-term investor relationships every business needs, but very few actually achieve. Our transparency is reflected throughout this event and I welcome this latest opportunity to open our company to those that have invested in it."

As part of his presentation at the event, Mr Al Ayyar also explained the reasons behind KIPCO's success: "I recently announced our best-ever first quarter results which are a measure of the momentum we have created. Our success is the result of three factors: our customers, our business systems and our people. By making sure we put our customers first, we've been able to build market share in existing markets. By investing in modern business systems and processes, we've been able to exploit opportunities as they emerge in new markets.

'And by creating highly professional and motivated teams within our companies, we've built a unique business culture. This is a winning combination and we're very proud of the track record we've achieved in the three years we've been holding these Shafafiyah events."

The KIPCO Group exhibition within the Shafafiyah Forum features products and services from eight companies: Burgan Bank, Gulf Insurance Company, United Gulf Bank, KAMCO, Showtime, Global Direct, United Networks and Wataniya. The exhibition is open to the general public from 10.00 a.m. to 1.00 p.m. and 5.00 p.m. to 9.00 p.m. on Thursday 4th May and Friday 5th May 2006.