Press Releases

10 June 2006

Salam International Investment Limited held its “Ordinary” General Assembly Meeting at the Diplomatic Club, Doha – Qatar

Salam International Investment Limited held its “Ordinary” General Assembly Meeting at the Diplomatic Club, Doha – Qatar on Sunday June 11, 2006 in the presence of shareholders representing more than 69% of the company’s capital.

The “Ordinary” General Meeting started with the Board of Directors’ Report by Mr. Issa Abdul Salam Abu Issa, Chairman & CEO, providing a summary of the company’s various activities and financial summary for the year ending December 31, 2005. This included the company’s successful endeavor in merging, growing and expanding which is resultant from the landmark decision during the Extraordinary General Meeting to merge Salam Group into Salam International Investment Limited.

Next, the Board asked to discuss the last point on the Agenda which refers to the election of the new Board of Directors – so that the voting results can be tallied during the general assembly session. At which time, the shareholders cast their election ballots and the election boxes were taken for tallying.

The company’s financial auditors then provided a summary of the financial statement for the same fiscal year and the General Assembly voted on the approval of the Company’s balance sheet and income statement for the same period. Accordingly, the Board of Directors recommended cash dividends of 8% of nominal share value to its shareholders from 2005 net profits with remaining profits retained for the financial year 2006. The General Assembly approved the recommended cash dividends, which will be distributed on the company’s total capital, QRs 828 million, including the newly issued shares during the second half of December 2005.

The General Assembly approved the remuneration of the Directors of the Board for the financial year ended on 31.12.2005 once they are absolved. Then a vote to appoint the company’s financial auditors for the fiscal year 2006 took place appointing Deloitte & Touche, for their third consecutive year.

Finally, based on the nominations received during the valid election campaign, the new Board of Directors for the next term was elected and is announced officially as: Mr. Issa Abdul Salam Abu Issa; Mr. Hussam Abdul Salam Abu Issa; Dr. Hamad Abdulaziz Al-Kawari; Sheikh Hassan Bin Sultan Al-Thani representing Abraj Real Estate Development Company; Mr. Hani Abdul Qader Al Qady representing Palestine Investment Bank; Mr. Mustafa Khalil Miqdady; Mr. Bassam Abdul Salam Abu Issa; Sheikh Nawaf Bin Nasser Al-Thani representing Doha Insurance Company; Mr. Adel Abdulrahman Al Mannai; Mr. Mohammed Khaled Al Mana; and Mr. Nasser Sulaiman Haidar.

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.

The “Ordinary” General Meeting was held in the presence of representatives of the Ministry of Economy and Commerce – Department of Trade Affairs, representatives of Deloitte and Touche, the company’s financial auditors, representatives of the Doha Securities Market, and representatives from the Middle East’s media and press.