PARIS, 28 July 2005 — Prince Alwaleed ibn Talal, chairman of Kingdom Holding Company, has made a substantial contribution of 17 million euros to fund the creation of a special exhibition space for the new department of Islamic arts at the Muse du Louvre in Paris.

This gift, unprecedented in the long history of the museum, will allow it to have a permanent home for its historic collection of 10,000 masterpieces of Islamic art.

This 3,500 sq. mt. space within the Cour Visconti — a large courtyard within the Louvre — will be developed by the renowned architects, Rudy Ricciotti and Mario Bellini and is expected to open at the beginning of 2009.

The architects said: “It will be like a flying carpet, floating delicately on the museohraphy.” The creation of this new exhibition space follows on from the proposition of President Chirac, expressed in Troyes on Oct. 14, 2002, to create a new department of Islamic art in the Louvre to underline “the essential contribution of Islamic civilizations to our culture.”

The partnership between Prince Alwaleed and the Louvre was signed yesterday in Paris in the presence of Renaud Donnedieu de Vabres, French minister of culture and communication.

A private meeting between President Chirac and Prince Alwaleed at the Elysee Palace followed the signing. In an official statement, President Chirac reconfirmed that he is fully supportive of the project for the Islamic Art Gallery.

Prince Alwaleed said that the new Islamic Art Gallery at the Musee du Louvre will assist in the understanding of the true meaning of Islam, “a religion of humanity, forgiveness and acceptance of other cultures. It will reinforce understanding between Western and Islamic cultures and civilizations,” he added.

“This project would not have materialized without the vision and wisdom of President Chirac. I would like to thank him on behalf of all Muslims.”

Prince Alwaleed emphasized that Islamic culture and civilization have contributed widely to the enlightenment of humanity over many centuries.

“I am very pleased to facilitate such masterpieces of Islamic arts to be on permanent display for all in the Louvre Museum, this universal center of Culture.”