31 May 2004 - UGB Silver Jubilee Marks 25 Years of Progress

United Gulf Bank (UGB) of Bahrain, the investment banking subsidiary of Kuwait Projects Company (KIPCO), marked the beginning of its Silver Jubilee Year with a VIP Reception at the Ritz Carlton Hotel for more than 250 government, banking and business dignitaries.

Guests of honour at the Reception were Bahrain Monetary Agency governor H.E. Sheikh Ahmad bin Mohammed Al Khalifa, and deputy governor H.E. Khalid Abdullah Al Bassam, who were welcomed by UGB Chairman and KIPCO Managing Director and Chief Executive Officer Faisal Al Ayyar; Burgan Bank Chairman Sheikh Mohammed Abdul Aziz Al Jarrah Al Sabah, Jordan Kuwait Bank Chairman and Chief Executive Officer H.E. Abdel Karim Kabariti; UGB Managing Director and KAMCO Chairman Masaud Hayat; and UGB Chief Executive Officer William Khouri.

"We felt it appropriate to mark our 25th year in business with an event recognising our success during these years as an investment bank that supports development of regional business," said William Khouri. "At the same time, UGB enters its Silver Jubilee Year after recording its best-ever financial results in 2003, and we look forward with optimism to increased success as the Bank continues its progress."

UGB, which began business as an investment bank with modest activities, now manages a diversified international portfolio of investments in wealth and asset management, commercial banking, real estate, telecommunications, private equity and quoted securities. Its core investments in subsidiaries and associates includes KIPCO Asset Management Company (KAMCO), Kuwait; United Real Estate Co., Kuwait; Jordan Kuwait Bank, Jordan; Tunis International Bank, Tunisia; Algeria Gulf Bank, Algeria; UGB Securities Co., Bahrain; United Industries Co., Kuwait; and Gulf Egypt for Hotels and Tourism Co., Egypt.

In 2003, UGB recorded a net profit of US$ 36.2 million or 4.7 cents per share. Total revenue of US$ 112.1 million almost doubled over the US$ 58.1 recorded in 2002. Total assets were US$ 1.2 billion compared to US$ 0.94 billion, a rise of 26 per cent. Equity grew by 23 per cent to US$ 260.3 million from US$ 210.8 million in 2002. First quarter results of 2004 have continued the trend, with US$ 11.4 million in profit, an almost doubling of net income with an 89 per cent rise over the US$ 6.0 million earned in the same period last year.

UGB and KAMCO have a proven track record of successful investment banking including corporate finance advisory, new issue placement and underwriting, mergers and acquisitions, bond issuance, and investment product structuring and placement. Assets under management exceed US$ 4.2 billion.

KIPCO, with assets of more than US$ 10 billion under management or control, is one of the leading diversified holding companies in the Middle East and North Africa and a major regional force in financial services and media & telecommunications, with further interests in real estate and industry. The largest private company in Kuwait, KIPCO employs more than 10,000 people throughout its operations in Kuwait and internationally, and its shares are the most actively traded on the Kuwait Stock Exchange.

Pictures from the event:

For further information please contact United Gulf Bank on telephone +973 17533233 or email info@ugbbah.com.