Final:27/06/04: Sfaxien (Tunisia) 0-0 Ismaili (Egypt)
Sfaxien win 4-3 on penalties.
Semi-finals:
23/06/04: Sfaxien (Tunisia) 2-0 Zamalek (Egypt), Beirut
25/06/04: Sfaxien (Tunisia) 2-1 Zamalek (Egypt), Beirut
Sfaxien win 4-1 on aggregate
23/06/04: Al Hilal (Saudi Arabia) 0-2 Ismaili (Egypt), Beirut
25/06/04: Al Hilal (Saudi Arabia) 2-1 Ismaili (Egypt), Beirut
Ismaili win 3-2 on aggregate.
Group Stages:
Group 1:
| P | W | D | L | GF | GA | Pts |
| Sfaxien (TUN) | 6 | 3 | 3 | 0 | 12 | 4 | 12 |
| Ismaili (EGY) | 6 | 2 | 2 | 2 | 7 | 12 | 8 |
| Al Ahli (KSA) | 6 | 1 | 4 | 1 | 9 | 9 | 7 |
| Al Ittihad (KSA) | 6 | 0 | 3 | 3 | 7 | 10 | 3 |
03/04/04: Al Ittihad 1-1 CS Sfaxien, in Jeddah
06/04/04: Al Ahli Jeddah 3-3 Ismaili, in Jeddah
13/04/04: CS Sfaxien 1-1 Al Ahli Jeddah, in Sfax
16/04/04: Ismaili 1-0 Al Ittihad, in Ismailia
01/05/04: Al Ittihad 2-3 Al Ahli Jeddah, in Jeddah
01/05/04: CS Sfaxien 4-0 Ismaili, in Sfax
11/05/04: Al Ahli Jeddah 1-1 CS Sfaxien, in Jeddah
08/05/04: Al Ittihad 2-2 Ismaili, in Jeddah
24/05/04: Ismaili 0-3 CS Sfaxien, in Ismailia
01/06/04: Al Ahli Jeddah 1-1 Al Ittihad, in Jeddah
08/06/04: Ismaili 1-0 Al Ahli Jeddah, in Jeddah
08/06/04: CS Sfaxien 2-1 Al Ittihad, in Sfax
Group 2:
| P | W | D | L | GF | GA | Pts |
| Al Hilal (KSA) | 4 | 2 | 1 | 1 | 5 | 4 | 7 |
| Zamalek (EGY) | 4 | 2 | 1 | 1 | 5 | 4 | 7 |
| Al Talaba (Iraq) | 4 | 1 | 0 | 3 | 4 | 6 | 3 |
N.B. Al Ahly of Egypt have withdrawn from the competition in a row over player availability with the Egyptian Football Association.
02/04/04: Al Ahly 0-0 Al Hilal, in Cairo
02/04/04: Al Talaba 1-2 Zamalek, in Damascus, Syria
14/04/04: Zamalek v Al Ahly, in Cairo
(Cancelled due to Al Ahly's withdrawal)
17/04/04: Al Hilal 1-0 Al Talaba, in Riyadh
02/05/04: Al Hilal 2-0 Zamalek, in Riyadh
08/05/04: Zamalek 1-1 Al Hilal, in Cairo
31/05/04: Al Talaba 3-1 Al Hilal, in Damascus, Syria
08/06/04: Zamalek 2-0 Al Talaba, in Cairo