KUWAIT, 4 February 2005 — KGL Port Management (KGL PM), the newly formed arm of Kuwait and Gulf Link Transport Company (KGL), has won a long-term concession under a BOT scheme to operate a multipurpose container terminal in Mina Saqr Port in Ras Al-Khaima. Through a 21-year concession agreement with the Ras Al-Khaima government, KGL PM has obtained the managerial and operational control of the container terminal of Mina Saqr Port. KGL has invested over $50 million to reorganize management and operations in addition to getting the port thriving as quickly as possible. As part of the agreement, KGL will implement a state-of-the-art IT port automation system with Navis Core Solutions.