Jiblah Holding Company’s Chief Executive Officer, Mr. Mahmoud Al-Ja’far expected that Jiblah’s stock profitability for the financial year to end as of 31 March 2009 will reach 35 fils per a share compared to the profitability of 29 fils per share realized in 2008.

In an interview with KUNA, Al-Ja’far stated that Kuwait Stock Exchange (KSE) declined listing the Company’s stock and that it is pending fixing the date for the judgment of appeal related to the complaint filed by the Company against KSE Management that declined listing Jiblah.

Al-Ja’far also made clear that listing the Company was scheduled last year, yet KSE Management declined the application for unknown reasons despite the fact that the Company met the listing requirements according to Al Ja’far who added that the Company will reapply for listing next September pursuant to the law mandating that reapplication is made after the lapse of a full year from the date of declining the listing application.

In relation to the Company’s projects, Al-Ja’far said that the Company is currently running three projects under the B.O.T system, one of which is industrial/ environmental concerned with processing construction waste and recycling it using advanced technology equipment that sorts out each material to guarantee optimal utilization thereof, in order to provide thousand meters a day of fill space so that the desert fill space increases.

He added that the second project is concerned with processing construction waste over 50 thousand meter space, where a governmentally conducted survey projected that its operational capacity will be five thousand tons a day, while the plant will actually receive 20 thousand tons a day, which will place an additional burden over the plant.

Al-Ja’far referred to the third project, i.e. Al Dhow for Environmental Projects Company where its capital was increased from 6 to 20 million Kuwait Dinars so that Kuwait will be its launching base into regional expansion for environmental business related to oil and energy. “The industrial investment environment in Kuwait is expulsive due to various problems including those related to decisions of Public Authority for Industry and the haphazard allocation of industrial plots, and the inefficient planning and coordination of industrial plots, where it takes a long cycle that may extend to a five-year period to set up and furnish a plant which will eventually need seven to eight years in order to start the payback period and make up for its investment.” He added.

Al-Ja’far also clarified that the above facts about the industrial investment environment in Kuwait are the factors driving Jiblah to head to the Arab markets in Egypt, United Arab Emirates and Kingdom of Saudi Arabia (KSA) where the Company already owns in KSA a complete industrial area of 3 billion Saudi Riyals over 30 million square meters, which is deemed a mega project located at the area between Jeddah and Wholly Mecca and close to a water distillation plant, a railway station scheduled to build in KSA.

“The Company is currently developing the project plans, where the project is expected to execute early next year, provided the selling industrial plots is started by the end of this year. Moreover, listing the Company will be made in Kuwait and KSA, due to the fact that it is a 100% Kuwaiti company operating in KSA. Al-Ja’far added.