Dear respectable shareholders,

Gulf and regional financial markets have shownd remarkable growth recently under the conditions of stability and hope prevailing in the gulf area in general. This motivates capitalists to incorporate many new companies in different activities and sectors. Most important aspect is the investment sector which motivates many family owned companies to convert into shareholding companies which were enlisted or are being enlisted in the financial markets.

The difficult steps lie in the method of continuation in achieving growth rates paralleling the interest rate at the Central Bank of Kuwait. The financial indicators of our company show remarkable growth at various levels including the revenue growth and assets increase as well as the rise in the book value of the company with 404%, 673% and 23% respectively during the last years.

Our company aims at increasing the developmental and constructional projects related to the infrastructure (B.O.T) and this motivates us to incorporate various companies in the vital sectors such as the health and environment sector, the consultation and contracting sector. It is expected that efforts shall be directed during 2006/2007 towards strategic projects and growth in the present projects which we can call the project of construction and growth. As for the current stage, our company is about to establish a gulf fund for the leading projects along with Al-Roaya Investment Services Company which is considered to be one of the deep-rooted financial companies in the sultanate of Oman.

In conclusion, I should mention that Jiblah Holding Company is looking forward to concentrating on achieving steady growth rates and continuous cash flows from the operational performance through the company activities and its affiliates so that balance can be achieved between perquisites of investment work from one side and the obligations and risks from the other side.

Allah is the best guardian.

Mahmoud Ashour Al-Jafar

CEO