Press Releases

11 April 2004

Developments at Salam International Investment Limited’s AGM:

Salam International Investment Limited will hold its Annual General “Ordinary” Meeting at Al-Majlis Hall at the Sheraton Hotel & Resort in Doha – Qatar on Sunday April 11, 2004 in the presence of shareholders or their representatives, members of the Board of Directors, representatives of the Ministry of Economy & Commerce / Department of Trade Affairs, the company’s financial auditors, and representatives from the Middle East’s media and press.

The “Ordinary” General Meeting will start with the Board of Directors’ Report providing a summary of the company’s various activities and financial summary for the year ending December 31, 2003. The company’s financial auditors will then provide a report on the financial statement for the same fiscal year and will vote on its approval. Accordingly, the Board of Directors has recommended cash dividends of 7% of nominal share value to its shareholders from 2003 net profit. An approval on the recommended

  cash dividends will be taken. As is customary, a vote to appoint the company’s financial auditors for the fiscal year 2004 will take place.       It is important to note that Salam International realized a growth in net profit of 21.3% in comparison to the net profit realized in the fiscal year 2002. This growth is directly related to the core activities of Salam International’s subsidiaries. To recommend cash dividends of 7% also clearly shows a 16.7% growth in dividends paid.

Salam International has enlisted the help of some world-class international consultants to assist in formulating and implementing the cornerstones of a development strategy. This development strategy has led to a restructuring of the company’s hierarchical structure and the companying of its business units into nine different divisions each with its own strategies, budgets and goals. The company’s vision statement has also been set at “becoming one of the most

  successful diversified public-shareholding companies in the Middle East, an inspiring example for regional family groups.”         In the process, the company is developing an integrated IT strategy and is undertaking the final steps to applying the global Oracle system to assist in building a modern corporation that will implement the aforementioned strategy with success. This will also equip Salam International with the proper tools in competing and increasing its market share to realize growth in net profit.

In conclusion, Salam International Investment Limited expresses it deep gratitude to the endless support and encouragement provided by H.H. the Emir Sheikh Hamad Bin Khalifa Al Thani and the Heir Apparent to the private sector. Their continuous efforts in supporting the private sector to improve its institutions and their works to flourish the country’s economy have been exceptional.