The world's first investment bank focused exclusively on the energy sector, held its first ? shareholder meeting at the Banyan Tree Resort & Spa. Shareholders were in attendance ? from Bahrain , Saudi Arabia , Kuwait , Libya and the UAE. ?

Libya as member of the board of directors attended the meeting represented by Mustafa ? Zarti who represent the primary North African Investor, the Libyan Investment ? Authority.
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Mr. Esam Janahi, FEB Chairman announced that the Central Bank of Bahrain has ? awarded it a wholesale banking license (Islamic Principles). Mr. Janahi welcomed the ? shareholders and presented the constitutional committee's report of First Energy Bank's ? business activities. ?

In his report, Mr. Janahi commented, "The huge and growing capital needs of the energy ? sector are best met by a bank that understands the industry as well as the world's ? producing regions. FEB will be the first of its kind globally to offer both specific value- ? added advice and intelligent finance targeted to the energy sector.

We look forward to ? serving the needs of a booming energy sector in the MENA region and in Asia and ? indeed across the world." ?
? "There is obviously momentum behind this kind of bank", said Mr. Janahi in his report.
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? "The over subscription to the capital raising was impressive. We ended up capping it at ?? $1 billion from the initial $750 million, despite the fact it was several times ? oversubscribed."
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The meeting's six agenda items included the appointment of FEB's Sharia Supervisory ? Board, external auditors KPMG and the initial Board of Directors. As the bank moves ? toward full operation, the Board of Directors will expand to 13 distinguished ? representatives from Bahrain , Saudi Arabia UAE and Libya .
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The 13 Board Members will be distributed to the three newly created board-appointed ? committees; the Executive and Investment Committee, the Audit & Risk Management ? Committee and the Remuneration, Nomination and Governance Committee. "Having a ? board of this caliber, credibility and diversity will be tremendously helpful in sourcing ? and structuring deals throughout MENA," said Mr. Janahi.
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? "According to the International Energy Agency (IEA) world oil demand will grow from ?? 83.6 million barrels per day (mb/d) in 2005 to 116.3 mb/d in 2030. Without significant ? additional investment, the energy industry will be unable to meet this demand and the ? world will face an acute supply shortage," noted Mr. Janahi.
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? "An estimate $8.2 trillion will be required globally in the oil and gas sector through ?? 2030. Now that the world has entered an era of permanently higher prices, investors can ? expect to earn superior returns from investments in the energy sector," stated Mr. Janahi.