23 June 2003 - United Gulf Bank sponsors Second Harvard Executive Program

35 executives from central banks, ministries and leading commercial banks and companies in Bahrain, the UAE, Saudi Arabia and Kuwait attended a highly successful two day Executive Program arranged by Harvard University’s Center for Middle Eastern Studies and Kuwait Projects Company Holdings ( Kipco) at the Ritz Carlton Hotel which ended yesterday.

The program was in the form of two days of extensive and interactive discussions led and conducted by Professor John A. Quelch and Assistant Professor Mihir A. Desai of the Harvard Business School. Professor Quelch is an expert on global business practice in emerging as well as developed market, international marketing and human resource management, and public policy and society. Assistant Professor Desai is also an active faculty in the Harvard Business School (HBS). He received the Student Association Award for teaching excellence from the HBS Class of 2001.

The attendees discussed several business case studies regarding the role of marketing and finance in the business environment and as well as their applications to improve management performance. The two experts from the Harvard Business School explored in detail the experiences of successful and unsuccessful companies in the marketing and finance fields and the lessons drawn from them. The Black & Decker case examined the marketing response options available to a competitive threat. Another marketing-related case, Signode, focused on the process of commoditization, in the steel strapping industry. The last marketing case EasyJet discussed how a start up no-frills airline challenged entrenched competitors.

The finance portion of the educational program included another three business cases. The participants had to determine the reasons for the rising bank borrowings and work through financial ratio analysis for the Lumber Butler. In the Marriott Cost of Capital case, participants were allowed to consider the determinants of discount rates and what the appropriate weighted average cost of capital is for several divisions within Marriott. The program ended with the Gulf Oil Takeover case, which covered a variety of the issues associated with how financial markets provide corporate governance.

Last year the program was conducted by Professor F. Warren McFarlan and Assistant Professor Andrew McAfee of the Harvard Business School. The attendees discussed several business case studies regarding the strategic consideration of the IT role in the financial and business environment and as well as its applications to improve management performance.

William Khouri, Chief Executive of UGB commented, " Kipco has sponsored this program for five years in Kuwait and for the past two years in Bahrain. We have had a very positive response from attendees and look forward to organizing this event again in 2004."

UGB is the investment banking arm and subsidiary of Kuwait Projects Company (Holding) KSC, Kuwait (KIPCO). UGB has total assets of about US$ 900 million supported by shareholders’ funds of over US$ 215 million. UGB’s main subsidiaries are Tunis International Bank, Tunisia; KIPCO Asset Management Company, Kuwait; UGB Securities Co., Bahrain and Algeria Gulf Bank (under formation); Algeria. UGB also has equity interests of 44% in Jordan Kuwait Bank, Jordan; 34% in United Real Estate Company, Kuwait and 49% in United Industries Company, Kuwait.

UGB’s activities consist of private equity and fund investments, quoted equities, asset management, corporate finance, real estate, treasury and selective commercial banking services.

For further information please contact United Gulf Bank on telephone +973 17533233 or email info@ugbbah.com.