Press Releases

20 March 2007

An Outstanding Year for Salam International Investment Ltd

Company Reports 71.2% Increase of Net Realized Profits, 105% Increase of Revenue, 44% Increase in Earnings per Share during 2006

In his annual Board of Directors’ Report to the shareholders of Salam International Investment Limited (SIIL), delivered in the presence of representatives of the Qatari Ministry of Economy and Commerce, Deloitte and Touch, the company’s financial auditors, and representatives from the Doha Securities Market, Mr. Issa Abdul Salam Abu Issa, CEO and Chairman of SIIL announced the results of the financial year 2006, stating an impressive increase of 71.2% of realized profits, more than double increase of revenues and a healthy 44% increase in earnings per share.

Mr. Abu Issa defined 2006 as “an excellent year for SIIL, one filled with major accomplishments and achievements” and pointed out that the 2006 general strategy of expansion and growth has proved successful and rewarding to the company’s shareholders.

During 2006 Salam International established new companies, restructured existing companies and entered joint venture agreements. Keeping investment in real estate high on its priority list, SIIL signed an agreement with sister company Salam Bounian for “The Gate”, one of Qatar’s most celebrated new developments.

Mr Abu Issa also highlighted the significant increase of market value of company owned real estate assets, notably the Salam Tower, located in the new commercial heart of Doha, as well as properties acquired through the merger with Salam Group.

Speaking about the company’s future plans Mr. Abu Issa defined the main sources of SIIL’s future growth as increasing operating profits from Salam International’s business units, capital gains from direct and indirect investments and real estate.

The company’s ambition is to achieve operational growth in turnover derived from repeat business, new business opportunities and from new products and services. “Expansion of Salam’s contracting capabilities in the UAE will be a major highlight of this year’s activities, as well as expanding our own contracting business in Qatar” – explained Mr. Abu Issa.

The Board of Directors has recommended cash dividends of 10% of nominal share value to its shareholders from 2006 net profits with remaining profits retained for the financial year 2007.

Well known in Qatar and the region as a major supporter of philanthropic, scientific and community projects Salam International will remain committed to its charitable activities and social services allocating QR 3.5 million for its corporate social responsibility programme. This is considered part of the general and administrative expenses for 2007, which does not exceed 3% of net profit achieved for 2006.

About Salam International Investment Limited (SIIL)

Salam International Investment Limited is one of Qatar’s most established conglomerates, which owns and manages over twenty five business units operating in diverse business sectors: technology and communications, construction and development, luxury and consumer products, energy and industry, and investments and real estate.
With a rich heritage of over half a century, the name Salam International is associated both with Qatar’s development over the years and its recent economic boom. To date the company’s operations extend to Qatar, United Arab Emirates, Palestine, Kuwait, Saudi Arabia, Oman, Bahrain, Jordan, Lebanon, Syria and is currently considering expansions in the pan-Arab area.
Salam International Investment Limited is a listed public Qatari shareholding company, established by Emiri Decree with a paid capital of Qatari Riyals 828,015,000 divided into 82,801,500 shares. It is also currently listed on the Dubai Financial Market. (www.salaminternational.com)