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Consolidated Balance Sheet

Total assets rose as at the end of 2008 to KD 198 million, showing an increase of 6% from last year’s KD 187 million. This is due to new investments in 2008 in affiliated firms and new projects, which resulted in a significant increase in long-term investments.

Total investments increased by 9 % to reach KD 189 million as at the end of 2008 compared with KD 173 million in 2007. The growth in total investments is reflected in the following:

• Investments in associates rose by KD 89 million or 133 % to a total of KD 156 million compared to a total KD 67 million in 2007. This increase in investment comprised of the acquisition of an additional 3.46% in Al Qurain Petrochemical Industries Co. and a 24.05% stake in Al Atoun Steel projects. The increase in associates is also due to reclassification of the holding in Al Qurain previously classified as investments available for sale.

• A number of land properties previously classified as “land under development” were converted to investment property at market value.

Despite the increase in total assets resulting from the investments detailed above, the investments were partly affected by the decrease in current assets particularly “financial assets at fair value through income statement” due to reclassification to “investments available for sale”. Decrease in “investments available for sale” and “land under development” are also associated with reclassification.