Kuwait Finance House Group (KFH) Chairman and Managing Director Bader Al-Mukhaizeem announced that KFH achieved BD 1,159.5 million as total revenue for 2008, and total profit reached BD 497.1 million for the same year, including investor profits on deposits that reached BD 284.1 million to be distributed as follows: 4.3% return for Continuous Investment Deposits, 3.3% for Al-Sedrah deposit, and 2.9% for Saving Investment Accounts. The net profit for shareholders reached BD 205.7 million, the profit per share was 100 fils. KFH decided to keep BD 276.4 million as provision. The board recommended granting shareholders money distributions with 40.0%, and stock dividend with 12.0%, after the approval of the General Assembly and concerned authorities. Assets increased to BD 13.8 billion and deposits also reached BD 8.7 billion. Total shareholders' equity reached BD 1.6 billion. Al-Mukhaizeem stated that these results were achieved with the Grace of Allah during the hard circumstances that the markets are going through due to the negative effects of the global economic crisis, which is affecting development of the local and regional markets as well. He added that the GCC possess positive economic factors that will assist in easing the possible consequences of the turmoil, such as oil revenues and surpluses achieved from the previously high prices that the oil witnessed during the past. In addition to that, some GCC economies enjoy a solid infrastructure that offers diversity of income with little or no debts. Moreover, Al-Mukhaizeem noted that in spite of the negative consequences of the crisis on the local markets, the opportunity of gradually overcoming the turmoil is possible and within reach, if the powers unite, the vision is clear, professionalism and technicalities are favored over interests and political calculations. This should go hand in hand with an integral plan to be executed phase by phase, and takes into consideration all economic sectors that were affected or will be affected by the crisis. He explained that economy is not only the stock market or some struggling companies, but a system that includes intertwined relations that affect each other. Furthermore, Al-Mukhaizeem said that KFH is aware of the role it should play to help ease the effects of the crisis on the national economy, especially towards the corporations that need financing and could not get any external financing. KFH is currently studying financing more corporations, according to credit regulations and after studying their financial status, in addition to the financial statements they offer. It is worth noting that this process has been ongoing and never stopped, whether before or after the crisis. Al-Mukhaizeem has expressed his satisfaction with the Court of First Instance's judgment to annul the Ministry of Justice's decision and refrain from taking all measures, and its order to proceed toward recording and enlisting all the necessary actions and registrations applicable to private residences (concerning sale or mortgage) and its judgment that KFH, along with other Islamic Banks, are not subject to the rule of Law Number 8 and 9 of 2008. The global expansion plans are on track, said Al-Mukhaizeem. He added that KFH has managed to obtain a license for the Saudi Kuwaiti Finance House (Saudi-KFH) with a capital of half a billion Saudi Riyals, which is considered to be a prominent qualitative addition to KFH's expansion plans into the rich Saudi market. KFH has also increased its branches abroad that reached 175 branches, where KFH-Malaysia opened its 6th branch, and opened a representative office in Australia after having previously opened KFH-Singapore. KFH-Turkey has been marching forward and succeeded in increasing its branches to reach 113, in addition to focusing on offering new products and services. Al-Mukhaizeem stated that KFH continues to invest in major projects, such as investing BD 103.7 million in the Peninsula Real Estate project in China, and completed most of the stages of Durrat Al-Bahrain Real Estate project, which includes thousands of villas, flats, parks, hotels and fields. This underscores KFH's unique advantage of operating in various fields and markets that guarantee high revenue with minimum risks. Moreover, Al-Mukhaizeem stressed the importance that KFH shows to the local market, and its keenness on increasing its market share in all fields and areas; in addition to the unique and competitive products and services that it offers to meet the expectations of its clients. He added that KFH has the most market share in Kuwait from deposits, and achieved great successes in technical services, which KFH was a pioneer in presenting many of them last year. He went on to reveal that KFH continues to play a significant social role through generous donations to licensed social organizations. On this occasion Mr. Abdulhakeem Alkhayyat, CEO and Managing Director of KFH - Bahrain reaffirmed the long term vision of KFH in relation to its projects in Bahrain, re-assuring that the bank will not stop supporting these projects, while taking prudent steps in their execution, keeping in mind that the GCC countries are still in need to develop its infrastructure to meet its people requirements of proper housing.