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  Under the patronage of Prime Minister of the Kingdom of Bahrain, HH Sheikh Khalifa bin Salman Al Khalifa, the fourth Gulf Excellence Forum was held in Bahrain on February 21-23, 2005.

  The Forum aim is to honor distinguished individuals and establishments in the GCC and to promote excellence in performance standards of the region based companies.

  At the opening ceremony attended by high profile government and business representatives from all over the region, HH Sheikh Khalifa bin Salman Al Khalifa presented Mr. Khalaf Ahmad Al Habtoor the Gulf Excellence Award-UAE in appreciation of his pioneering spirit and achievements.

  The Award is acknowledgment of high caliber successes attained by Al Habtoor Group through world class performance standards of organizational and corporate practices, pursued within fully fledged integrated strategy implemented by the group.

  On the second day of the event, the attendants listened to the speech given on behalf of Mr. Al Habtoor and watched a detailed presentation documenting the success story of Al Habtoor Group.

The Emir of Qatar, Shaikh Hamad Bin Khalifa Al Thani with Shaikh Maktoum Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai and General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence.

Khalaf Al Habtoor with Dignitaries.

Khalaf Al Habtoor greets The Emir of Qatar Shaikh Hamad Bin Khalifa Al Thani.

  The General Assembly of Dubai National Insurance and Reinsurance held their Ordinary and Extra Ordinary on March 9, 2005 under the chairman ship of Mr. Khalaf Al Habtoor and attendance of Board of Directors, H.H. Sheikh Humaid Bin Ahmed Al Maolla, Sultan Al Habtoor, and Mr. Mohammed Al Habtoor and Faisal Jassem Al Dossari.  The General Assembly has decided to raise the Capital of AED 100 Million by declairing 51.51% dividend to share holders. DNIR’s new profit for the year 2004 touched an all time peak of AED 80.4 Million, as against AED 14.5 Million in 2003.

  The earnings per share increased from AED 2.21 in 2003 to AED 12.18 in 2004, an increase of 451%.

  The Net asset value of the company increased from AED 154 Million in 2003 to AED 342 Million in 2004, resulting in an increase in the book value of each share from AED 23.46 in 2003 to AED 51.91 in 2004, an increase of 121%.

  Encouraged by positive stock market conditions and by judicious exploitation of opportunities, DNIR’s investment in come increased from AED 10.2 Million in 2003 to AED 74.0 Million.

  The underwriting income of the company increased to AED 15.5 Million in 2004, compared to AED 12.6 Million in 2003.

  The Technical reserves increased, by AED 9 Million, from AED 35 Million un 2003 to AED 44 Million in 2004, providing comfort due to their adequacy levels.

  The Company declared a stock dividend of 51.51%.  at current market price it is valued at AED 272 Million.  Thus the currently declared stock dividend effectively gives a return of 412% on capital.

  The increase in capital to AED 100 Million reflects the out-look of the company to stay ahead and be ready to face the liberalized trade regime from 2005.

  With the issuance of four stock dividends in the last 10 years, the initial shareholder who invested 100 shares an inception has increased his holdings to 250 shares.

  In terms of actual yield, in addition to regular cash dividends over the years, the initial shareholder’s investment of AED 1,000 in 1991 is now worth AED 20,000 a growth of 10 times.