Gulftainer Company Limited

LADIES AND GENTLEMEN ...

It does not seem very long since I stood up in front of you to give a speech on the occasion of our Thirtieth Anniversary Celebrations - and I remember such functions well because as you know - public speaking is not my favourite occupation.

However it is in fact a year since our celebrations last November, illustrating the truth of the old saying, "that time flies" and also that so much has happened in the past year.

Developments for Gulftainer have included the expansion of our terminals at Khorfakkan and Sharjah, thanks to the support of the Sharjah Government and the Sharjah Port Authority - and as we all know these developments are now more necessary than ever, if we are to maintain our ability to provide a first class service.

Also we have consolidated our overseas activities in Kuwait, Pakistan and the Comoros, plus the recent acquisition of a Turkish logistics company, has now given us access to all of Europe.

Plans to develop transport and logisitic activities in Northern Iraq are also well underway.

To highlight this point, we are assembled here to celebrate the launching of our major new initiative, the foundation of a new company "MOMENTUM LOGISTICS" - destined to become a major industry player - not just in this region but worldwide.

As I was thinking about this event recently, particularly in the context of current worldwide economic concerns, "financial meltdowns and credit crunches" - it struck me once again how fortunate we are to be based in the UAE which as usual is showing itself to be a beacon of stability in this uncertain world.

We are proud to be a UAE company - a Sharjah company - and the start of this new venture causes us to think again of those qualities that have made the UAE the success it is today and the ones that we need to remember and emulate.

The new "MOMENTUM" with its dramatic plans for the future neatly aligning itself with the traditions of the past, reminds us that some things such as service, courtesy and reliability are just as much a requirement now and in the future as they always were and we should not forget that.

With the constant reminders of strong traditions from this region - Momentum's innovations and business plans go hand in hand with the deep rooted commitment to solid values and heritage that we as Gulftainer are proud to support in this country.

As His Highness The Ruler of Sharjah has so effectively shown, it is possible to remember and value the lessons of the past whilst ensuring that the country strides confidently into the future, providing the framework for new businesses such as "MOMENTUM".

So what is MOMENTUM and what are we aiming to do?

I will not steal Matt's thunder by talking in too much detail but essentially we have created a Transport and Logistics Company which will be a world leader in providing the framework for the most cost effective and efficient management and movement of products from "A to B".

For as you know - as the definition says:

"Logistics means having the right thing, in the right place, at the right time."

Momentum will be a third party logistics provider involved in:

- Transport

- Warehousing

- Container Repair

- Freight Forwarding

- Contract Logistics

- The management of Sharjah’s new Logistics City

Momentum will be a self-standing member of the Gulftainer group, providing services on a regional and worldwide basis impartially and independently for the benefit of its customers.

So, that's enough from me ...

I will now ask Keith to introduce the next phase of the evening and just take this opportunity to thank you for attending this event tonight.