Peace be upon you and God’s mercy and blessings.

On behalf of my fellow board members and myself, I am honored to welcome you at this year’s General Assembly Meeting and to present to you the Ninth Annual Report of the Board of Directors with a brief overview of the main achievements of Qatar Fuel for the fiscal year 2011.

The year 2011 has seen many regional and global developments, the most noticeable of which being the economic and financial changes occurring in major States, mainly the European Economic Community (EEC).

As for the GCC countries in general, and in Qatar in particular, we continued in 2011 drafting and implementing our strategic plans, and developing the work of our educational, health and social institutions, to ensure the welfare of both the citizens and residents of our beloved country. With the oil prices remaining at the expected levels, our financial resources grew higher, and so did the reserves of our public budgets, while well-planned foreign investments developed fast. Our national economy (GDP) continued to achieve unprecedented growth rates that placed Qatar among the fastest growing economies in the world. All this can only be credited to the wise visions and directives of our leaders, headed by HH the Emir, Sheikh Hamad Bin Khalifa Al Thani, and the Heir Apparent, Sheikh Tamim Ben Hamad Ben Khalifa Al Thani.

As to the achievements and financial performance of WOQOD in 2011, we pride ourselves with the continuation of the success and development that have been registered since its inception. I will gladly review the major achievements and financial performance records for the said year, and you will find them in more elaborate terms in WOQOD’s annual report.

On the financial front, during the financial year ending on 31/12/2011, the company has managed to maintain positive net profit rates that exceeded 7.5% to reach QR 1,155 million compared to QR 1,074 million in 2010.

Despite the 20% increase in the paid-up capital of the company during 2010 through the distribution of bonus shares, the earning per share (EPS) for this year has increased by 7.5% to reach QR 27,77/share against QR 25,83 in 2010.

Based on the results achieved for this period, and on our expectations for developments in the global economy and their impact on the local, regional and international levels during the upcoming period, and in view of the company’s future plans and projects, the Board of Directors is pleased to include within the agenda of your esteemed Assembly a recommendation to distribute cash dividends of QR 415.8 million according to a rate of 100 % of the value of the paid-up nominal capital, i.e. 10 QR per share, in addition to 25 % bonus shares, i.e. 2.5 shares per 10 outstanding shares. This recommendation takes into account the company’s current financial liquidity, and the future funding needs for capital projects that were adopted for the year 2012.

Acknowledgment and Appreciation

In conclusion, I would like to seize this opportunity to express our deepest thanks and appreciation to His Highness Sheikh Hamad Bin Khalifa Al Thani, the Emir of the State of Qatar, for his continued support and wise guidance of the comprehensive development process that the country is witnessing today.

Allow me as well to extend my sincere thanks and appreciation to His Highness Sheikh Tamim Bin Hamad Al Thani, the Heir Apparent, for his continued support for WOQOD, which had the greatest impact on the company’s success and prosperity.

Our thanks go as well to our esteemed shareholders for their trust in and their loyalty to the company. We would like to renew our commitment to best serve their interests and promote their investments, through hard work and perseverance that we hope will lead to further success.

Finally, we appreciate the efforts of all the company employees and commend their dedication, loyalty and cooperation, which culminated in excellent financial results. We hope they will exert further efforts to rise above all challenges and achieve the company objectives for the benefit of all.

I wish you all success.