Zouhair Khouri retires and Masaud Hayat assumes Chairmanship of Tunis International Bank

During this time Mr Khouri contributed actively to the growth of the Bank's operations and during his stewardship TIB's profits grew from $1MM to $9.1MM today.

Mr Khouri also served as Chairman of United Arab Investors Company of Jordan as well as Chairman of the Housing Bank for Trade and Finance of Jordan where he spent most of his professional career. Mr Khouri has been recognized by the late King Hussein for his contribution to the Kingdom's banking sector and more recently, he was similarly recognized by the Union of Arab Banks.

Mr Hayat hosted a lunch in honour of the departing Chairman attended by KIPCO Group's Managing Director/Chief Executive Officer and UGB and Wataniya Chairman, Mr Faisal Al-Ayyar; Mr Abdel Karim Kabariti, Chairman of Jordan Kuwait Bank and Algeria Gulf Bank, as well as other members of the KIPCO Group Financial Services and Telecoms & Media Divisions.

Incoming Chairman Mr Hayat has been Vice Chairman of TIB since 1997. He also serves as Managing Director of United Gulf Bank, Bahrain.

TIB is a fully consolidated subsidiary of United Gulf Bank. UGB, the investment banking subsidiary of Kuwait Projects Company (KIPCO), manages a diversified portfolio of investments in wealth and asset management, commercial banking, real estate, telecommunications, private equity and quoted securities. Assets under management exceed US$ 5.6 billion. UGB's core investments in subsidiaries and associates include: Algeria Gulf Bank, Gulf Egypt for Hotels and Tourism Company, Jordan Kuwait Bank, KIPCO Asset Management (KAMCO), Tunis International Bank, United Gulf Bank Securities Company, United Cables Company, United Industries Company, United Real Estate Company, United Medical Services Company and Bank of Baghdad. UGB and its subsidiary KAMCO have a proven track record of successful investment banking activities including corporate finance advisory, new issue placement and underwriting, mergers and acquisitions, bond issuance and investment product structuring and placement.

KIPCO is one of the leading diversified operating holding companies in the Middle East and North Africa with more than US$ 15 billion under management or control. Its shares are among the most actively traded on the Kuwait Stock Exchange. It has substantial ownership interests in a portfolio of 55 companies, operating throughout the region and internationally in two major business sectors: financial services and media & telecommunications. Subsidiaries and affiliates of KIPCO companies with interests in real estate and industry are contained in a sub-group within the financial services companies and other subsidiaries and affiliates are held in a management and advisory sector vehicle. KIPCO has recently been assigned investment grade rating by Standard & Poor.