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Kuwait bourse gains slightly

19 July 2010

The KSE Market Index ended 0.13% higher at 6,500.9 points. Shares of Global Investment House (Global) dipped insignificantly to KD0.051. Global announced today that the court of first instance in the Emirate of Dubai passed a judgment ordering National Bank of Umm Al Qaiwain (NBQ) to repay Global Investment House $250m (United States Dollars Two Hundred and Fifty million) towards the refund of a deposit placed by the Company with this Bank in August 2008 plus interest until the date of payment and all expenses. Further the court rejected all the counter claims made by NBQ. Bader AL-Sumait, Chief Executive Officer of Global commented, "We are grateful for the justice granted by the Honorable court and are pleased to state that the proceeds of this deposit will strengthen the Company's liquidity position and will be used to repay the Company's restructured debt, thereby strengthening our balance sheet through deleveraging and improving our net income streams by reducing the interest expense."

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