Press Releases

14 April 2003

New Developments at Salam International Investment Limited’s AGM:

Salam International Investment Limited will hold its Annual General “Ordinary” Meeting at Al-Wajba Ballroom at the Hotel Intercontinental Doha in Doha – Qatar on Monday April 14, 2003 in the presence of shareholders or their representatives, members of the Board of Directors, the General Advisor to 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, 2002. This will include the company’s successful endeavor in merging, growing and expanding which is resultant from the landmark decision during the Extraordinary General Meeting to merge a number of companies into Salam International Investment Limited.

The company’s financial auditors will then provide a summary of the financial statement for the same fiscal year and will vote on its approval. Accordingly, the Board of Directors has recommended cash dividends of 5% of nominal share value to its shareholders from 2002 net profits with remaining profits retained for the financial year 2003. An approval on the recommended cash dividends will be taken.

Hereinafter, the Board of Directors’ proposal to purchase Salam Tower will be presented. The company’s management has suggested selling and exchanging some of the investments with long time lag of return with short-term income generating investments that support the company’s solid asset base. With this regard, the agreement made with the owners of Salam Tower, under the supervision of the Companies Department of the Ministry of Economy and Commerce, will be presented and the General Assembly will vote on the proposed purchase. Upon approval, the Board of Directors will be entrusted in completing the various necessary procedures to conclude the purchase.

As is customary, a vote to appoint the company’s financial auditors for the fiscal year 2003 will take place. Furthermore, based on the nominations received during the valid election campaign, the new Board of Directors for the next term will be elected.

In conclusion, Salam International Investment Limited expresses its 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 has been exceptional.