Financial Year 2009 came to a close with most of the major global economies still in recession. The resulting financial turmoil affected most countries in which Dahabshiil operates. Despite the impact of the downturn on financial services, I am pleased to announce that 2009 was yet another record year for the Dahabshiil Group in terms of growth, operating performance and alliance building.

Our Group’s success in the marketplace has been a direct result of the commitment and dedication of over 1000 agents and staff worldwide, combined with a unique entrepreneurial corporate culture which focuses on consistent delivery of quality services and products to our customers. Our talented and diverse workforce continues to engender an innovative, customer-focused business culture.

In our Group, Corporate Social Responsibility is a core value that is critical to the future success and sustainability of our business. True to our long standing tradition of contributing to the community, we supported and provided funds to a variety of social and humanitarian projects.

Among the notable Group achievements in 2009 are:

• We received authorization from the Central Bank of Djibouti to conduct full banking services, which will enable us to take deposits, and offer loans and advances to individuals, businesses and corporate clients.
• We entered into many tie-up agreements with strategic partners in Asia and Africa, which has expanded our global network.
• We introduced a Dahabshiil eCash debit card, which has received tremendous customer response throughout the Somali regions.
• We expanded SMS features to our money transfer operations at both sender and receiver ends worldwide.

In 2009 Dahabshiil Group received raving reviews from reputable international and regional media outlets in recognition of our continuing growth as an innovative and reliable financial services business.

Our pride in today’s accomplishments lays a solid foundation for our vision and conviction to consistently break new grounds and scale new heights in business development and superior performance.

As we usher in the New Year, we foresee improvements in the remittance market conditions in 2010. We will improve service delivery, enhance our competitiveness, and strengthen our market position as the premier regional money transfer organisation. We will expand our network of agents throughout the world by building strong partnerships and adding new products and services to meet the growing expectations of our customers.

I would like to express my appreciation to all our customers, suppliers, business associates, shareholders and board members and staff for all their generous support and look forward to our continued partnership for the challenging years ahead.

Abdirashid Duale

Chief Executive Officer

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