Imperative for regional businesses to pursue globally competitive business practices, standards highlighted

Manama, Bahrain, February 21, 2005: The Prime Minister of the Kingdom of Bahrain H.H. Sheikh Khalifa Bin Salman Al-Khalifa, today presented the prestigious Gulf Excellence Awards 2005 to six GCC-based companies, at the opening ceremony of the high-profile regional business summit, the Gulf Excellence Forum 2005, organized by the Bahrain Financial Harbour Holding Company B.S.C. (c) and the Kuwait-based Gulf Excellence Consultancy Company.

The Gulf Excellence Awards 2005 are a coveted recognition to companies based in the Gulf region, honouring the commitment of the management of these entities to pursue excellence in performance by putting in place cutting-edge and globally benchmarked standards to be competitive in their spheres of operation.

Commenting on the Gulf Excellence Awards 2005, Mr. Esam Janahi, Chairman, Bahrain Financial Harbour Holding Company B.S.C. (c) said: "On behalf of Gulf Excellence Forum 2005 we would like to thank His Highness Sheikh Khalifa bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain for his support and kind patronage of this initiative. The Gulf Excellence Awards 2005 are a way of honouring the pioneering spirit of those companies in the GCC that have shown leadership and enthusiasm in putting in place business performance standards to be globally competitive."

Congratulating the award winners, Mr. Janahi said: "The GCC business and economy is passing through a phase of paradigm change with sharp focus on growing regional businesses in a globalised economic environment. We are confident that the Gulf Excellence Awards will promote the spirit of pioneering excellence and innovation among the regional business community."

"It is imperative that regional businesses wake up to the need to put in place best practices and corporate governance standards to be rated as global in outlook," he further said.

The Gulf Excellence Awards 2005 winners are Dr. Nasser Mohammed Marafi, the Chief Executive Officer of Qatar Telecommunication, Sheikh Abdul Malak Bin Abdulla Al Khalili, Chairman, Muscat Bank, Prince Sultan Bin Mohammed Bin Saud Al Kabeer, Al Marai Company, Mr. Bruce Hall, Chief Executive Officer, Aluminium Bahrain, Mr. Khalaf Al Habtoor, Chairman of the UAE-based Al Habtoor Group and Ms. Maha Al Ghunaim, Deputy Chairman, Global Investment House.

The winners were selected by a judging committee chaired by Dr. Nasser Al Sane after a thorough scrutiny of their performance in enhancing their company's pursuit of excellence.

"These winners have played a leading role in presenting a modern face of the regional businesses to the world and certainly regional business community can look up to them," added Mr. Janahi.

The award ceremony also marked the formal opening of the Gulf Excellence Forum 2005, which will run till February 23, 2005. Apart from global business and economic experts who have converged in Manama for the Forum, the winners of the Gulf Excellence Awards 2005 will also present working papers on their successful implementation of competitive business strategy.

The expert sessions of the Forum will start from February 22, 2005 and the experts who will speak include Professor John Quelch, Senior Associate Dean of the US-based Harvard Business School, Dr. Sa'ad Al Barak, Director General, Mobile Telecommunication Company, Mr. Hisham Al Razzuqi, Chief Executive Officer, Gulf Investment Corporation, Dr. Silver Silverstein, President of the US-based Breakthrough Management Group and Mr. Hussein Rifai, Chief Executive Officer, Injazat Technology Fund, UAE

On the closing day of the Forum on February 23, 2005 Prof. Jeremy Cripps, Professor of Business Management, American University of Kuwait, Mr. Raed Al Saleh, Assistant General Manager, Assets Manager, Kuwait Investment Company, Mr. Waleed Khalaf, Manager - Corporate Communications, AMEX Middle East and Dr. Thomas Addington, Co-founder, Cornerstone International Group of the US will make their presentations.

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© Press Release 2005