news about Global holds a seminar for AlTameer Real Estate Investment Company

Global holds a seminar for AlTameer Real Estate Investment Company

2005/12/30

Global Investment House (Global) yesterday held a special seminar at the Kuwait Stock Exchange (KSE) on listing AlTameer Real Estate Investment Company (Tameer) scheduled to commence today Monday December 12, 2005.

Attending the seminar were, from Tameer Mr. Najeeb AlSaleh, Vice Chairman and Managing Director, Mr. Tamer Naseef, the Financial Controller at Tameer, and from Global Mr. Omar M. El-Quqa, Executive Vice President, and Mr. Mohamed Abdul Aziz, Financial Analyst, where they gave a detailed explanation of Tameer's operations and financial data.

At the beginning, Mr. El-Quqa spoke briefly about the company's history and the nature of its work, then he addressed Global's role in listing Tameer on KSE, which comes at market upsurge period. 'The listing coincides with the high activity that the market witnesses, either from the increase of the size of the current shares or, the rise of value,' he said. 'It also comes during an upsurge in big real estate projects across the region.' He expressed his confidence in the healthy effect of listing new companies on KSE, and described it as a 'healthy economic phenomenon, however, it must be studied and controlled by market laws and regulations.'

'I think there's more room for new companies in Kuwait's market and there's no reason why it should be held back or restricted if all conditions apply. However, having said that, I should stress that the listing of a company should be based on sound and valid economic bases and not done just for the sake of being on the ticker,'

he followed.

Mr. El-Quqa stressed that the investors and the market conditions should be the 'final judge' on the validity of any listed company, once it enters the market following the internationally recognized listing rules and regulations, one that Global adheres to. He pointed that there are currently 26 newly listed companies since the beginning of 2005; with Global managing five of those listings. In addition, there are 27 listed real estate companies and Tammer will be the 28th entrant. From his side, the Mr. AlSaleh thanked Global for its efforts to complete Tameer listing on KSE, and hoped that it will added value to the spectrum of listed companies. He affirmed that listing the company on KSE is the first step in an ambitious stage in its life as it's gearing up to enter a number of real estate investment projects the latest is Corniche Club, the newest and most luxurious health club in the region.

Since the second half of 2004, the company has changed its activities to focus on investment real estate properties, which is one of the most lucrative segments of the general real estate market, he added. The company owns 82% of Al Corniche Club Company. Al Corniche's main activity is to establish, operate, and manage health clubs in Kuwait and outside Kuwait. The company recently opened its first major project; Al Corniche Club, a fitness club and spa in Al-Shaab Marine Club. Tameer has also invested in Ikros Real Estate Company, which will manage and develop Failaka Island and transform it to a major tourism resort. In addition, it owns 70% of Global Hospitality Holding Company; a company specialized in hotel management. Global Hospitality Holding Company owns the franchise rights for Ramada Hotels in Egypt, Morocco, Lebanon, Bulgaria and Libya. The company has recently signed a contract to manage two hotels in Cairo and Mansoura, Egypt, and there are three more contracts in the pipeline for similar projects in Casablanca and Tanga, Morocco.

A video presentation on Tammer followed Mr. AlSaleh's speech.

Later, Mr. Abdulaziz spoke about the current real estate market conditions and the growth the market's indices has witnessed. He then gave a brief on Tameer's financial statues. He pointed that the company assts grow from Eight million dinars in 2002 to KD37.5 million as of September 30, 2005. During the first quarter of 2004, the company raised its capital from Eight million dinars to KD20 million to finance it investment, current and expansion projects. Shareholders equity stood at KD31.4 million as of 30 September 2005.

Saudi Stock Index Drifts Lower

JEDDAH, 11 December 2005 ?? After a record increase last week, Saudi stocks drifted lower yesterday. The Tadawul All-Share Index (TASI) closed 98.46 points down at 16,722.44.

The Banking index dropped 167.18 points at 41,301.11 as shares of major banks declined. Only Riyad Bank, Bank AlJazira and Samba Finacial Group shares managed to make some gains yesterday. The Saudi British Bank shares fell 2.06 percent to SR1,654. The Industrial index edged lower by 419.94 points to 43.175.75 as shares of petrochemical giant Saudi Basic Industries Corp. (SABIC) declined after rising 11.75 percent last week. SABIC shares dropped 1.21 percent yesterday to close at SR1,731. Most of the cement stocks were in the red yesterday. Only Saudi Cement shares rose slightly to SR684.50. In the telecom sector, shares of Saudi Telecom Co. and Etihad Etisalat fell to SR897 and SR691.50, respectively. Saudi Electricity Co. (SEC) shares also dropped to SR140.75. The Agriculture index edged higher 198.18 points to 6,930.30. Shares of Hail Agriculture jumped 7.52 percent to SR339.75, followed by Saudi Fisheries by 4.90 percent to SR514, Qassim Agriculture by 4.52 percent to SR317.75 and National Agriculture Development Co. by 2.47 percent to SR580.

Over SR26.58 billion worth of shares changed hands yesterday.

Meanwhile, the Kuwait-based Global Investment House (Global) yesterday held a special seminar at the Kuwait Stock Exchange (KSE) on the listing of Al-Tameer Real Estate Investment Company (Tameer) scheduled to commence tomorrow.

Attending the seminar were: Najeeb Al-Saleh, Tameer's vice chairman and managing director; Tamer Naseef, the financial controller at Tameer; Omar M. El-Quqa, Global's executive vice president; and Mohamed Abdul Aziz, financial analyst. They gave a detailed explanation of Tameer's operations and financial data. El-Quqa spoke briefly about the company's history and the nature of its work and then addressed Global's role in listing Tameer on KSE. "The listing coincides with the high activity that the market witnesses, either from the increase of the size of the current shares or the rise of value," he said. "It also comes during an upsurge in big real estate projects across the region." He expressed his confidence in the healthy effect of listing new companies on KSE, and described it as a "healthy economic phenomenon, however, it must be studied and controlled by market laws and regulations."

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