NIG Prospectus - London Stock Exchange

Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:19 pm – mac5 – 3776 Section 07 : 3776 Section 07• Available for sale investments: These include petrochemical and steel projects in GCCcountries, as well as holdings in international and local managed funds and quoted andunquoted equity participations. These holdings include Saudi International PetroleumCorporation, National Petrochemical Industrialisation Company and Dana Gas.• Investments at fair value through statement of income: These include participations in bothlocal and international managed funds as well as shares in quoted and unquoted companies,all of which are held on a short-term basis with a view to sale.For management purposes, for each of the years ended 2004 until 2006, NIG’s primary format forreporting segment information has been through the following business segments; (a) Financialand Strategic Investments (including Petrochemicals, Utilities and Financial Services), (b) BuildingMaterials and (c) Specialist Engineering (including Oil and Gas Services).The table below shows a segmental analysis for NIG’s three business areas as at and for the yearsending 31 December 2006, 2005 and 2004:Strategic and FinancialInvestments (includingSpecialist EngineeringPetrochemicals, Utilities(including Oil andand Financial Services) Building Materials Gas Services) Total11111111344 11111111344 11111111344 111111113442004 2005 2006 2004 2005 2006 2004 2005 2006 2004 2005 2006112 112 112 112 112 112 112 112 112 112 112 112(KD thousand)Revenues .............................. 60,874 188,202 100,294 26,489 31,062 30,138 77,808 71,661 66,737 165,171 290,925 197,169Profit (loss) ............................ 64,052 248,474 162,583 6.898 8,955 8,108 (14,860) (28,432) 4,045 56,090 228,997 174,736Assets .................................... 434,081 1,024,572 1,343,968 21,298 23,400 39,407 94,562 59,622 72,537 549,941 1,107,594 1,455,912Liabilities ................................ (7,077) (14,954) (26,433) (7,597) (7,905) (8,808) (27,733) (25,323) (23,240) (42,407) (48,182) (58,481)NIG’s operating businesses and strategic and financial investments are described in detail under“NIG Business Activities” below.RECENT DEVELOPMENTSOn 19 May 2007 Noor, as a 25 per cent. participant in the ADP Consortium, which also includesAeroports de Paris Management, Joannou & Paraskevaides Ltd., J&P Avax, Abu Dhabi InvestmentCompany and Edgo, signed a contract with the Jordanian Government for the construction,management and operation of the new Queen Alia International Airport in Jordan for a period of25 years, including the construction of a new terminal.On 28 May 2007, Noor signed a Memorandum of Understanding with the Syrian Ministry of Oil tolead an international alliance that will build and operate a refinery in the Dir-al-Zur region of Syriafor U.S.$1.5 billion. Noor proposes to establish a new company in Syria by the end of 2007, toorganise all of the financial, economic, technical and legal aspects of the refinery project. Noorintends to undertake a public offering of 49 per cent. of the shares in the new company in Syriaand other Arab markets.NIG is in the process of building a new head office in Kuwait, which is due to be completed inAugust 2007. The total cost of the new office is expected to be around KD 500,000. NIG intendsto implement a new integrated IT system for its new head office that will service all of NIG’sdiverse operations through one centralised system.On 4 August 2007, NIG announced its preliminary results for the six months ended 30 June 2007.The announcement disclosed an increase in net income from KD 74,584,000 for the six monthsended 30 June 2006 to KD158,086,000 for the six months ended 30 June 2007. The final resultsfor the six months ended 30 June 2007 are expected to be published by NIG on or after 18 August2007.66