May 31, 2005

The Board of Directors is pleased, following on from the appraisal reviews conducted earlier this year, to announce a number of internal promotions and reorganisation of reporting lines, as a means to further enhance the management and operations of the Group.

Satish Kini is promoted with immediate effect to the position of Finance Director of the Shoaibi Group being responsible for all financial reporting, analysis and related regulatory matters and Human Resources. Satish will no longer be responsible for IT related matters. Mark Jenkins as Group Director will increasingly focus on new investments and corporate development activities for the Group.

Mohammad Jarrad is promoted to the position of Director responsible for all trading operations of the Group including SCIC, Gentas and Inelco.

Nidal Bargawi is promoted with immediate effect to the position of General Manager of Gentas, with continuing reporting to Mohammed Jarrad for all Gentas activities including the important Tenaris account.

Samer Al Kurdi and Jawad Hussain are both promoted within SCIC to the position of Commercial Manager, Oilfield Supplies & Services following successful periods as account managers with the group.

Samir Hasan is promoted to IT Manager for the Shoaibi Group and shall be responsible for all IT related matters, with Imtiaz Ahmed reporting to Samir for the day to day operations of the department. At the same time the Board thanks Rafic Saab for his contribution to the IT services of the group. Walid Al Shoaibi shall have overall responsibility for IT for the Group.

The Board takes this opportunity to congratulate them in their promotions and to their continuing success. The Board would also like to extend its thanks to Nayeem Kareem who will be leaving with effect from 1 July 2005 to join Siemens in Jeddah, following six years with the group.

A new organisation chart for the Group shall be issued shortly.