JEDDAH, 14 February 2006 — Gulf One Investment Bank (Gulf One), the region’s first local investment bank, has signed a memorandum of understanding (MOU) with the leading British law firm DLA Piper Rudnick Gray Cary, which will provide the bank with legal advice and counsel in the areas of “project financing contracts” on the basis of partnerships between the public and private sectors.

The MOU was signed on the sidelines of the Jeddah Economic Forum (JEF) on Sunday by Dr. Nahed M. Taher, Gulf One CEO, and by Brian Clarks, a partner in the law firm.

Dr. Nahed, the first Saudi woman to head a bank in the Gulf region, stated that the signing of the MOU came as part of the bank’s efforts to conclude international partnerships and alliances necessary for building up the bank’s core competencies through the outsourcing of tasks not specific to the bank’s basic functions. She also added, “This comes as a part of the bank’s desire to utilize the expertise of various firms who are able to provide the bank and our clients with required value added services that would increase overall capabilities and market presence.’’

She reiterated: “Our objective from signing this MOU is to conclude the legal aspects of our work once we start arranging long-term debts instruments, long-term financing through the structuring of investment contracts, and providing legal advice to public and private sector entities about this new form of financing that is being introduced for the first time in the Arabian Gulf. Moreover, there is ongoing cooperation between us to provide Gulf One with the legal frame work to due diligently carry out its work.”

Clarks said: “This agreement is one of the basic components in supporting the bank’s ability to provide its clients with the services they require, and we will provide the legal services for all that has been outlined previously in order to strengthen the bank’s position in this nascent and promising market.”

He added: “The Arabian Gulf is undergoing tremendous change that is unprecedented in addition to a noticeable increase in the price of oil that is demand driven and this unexpected monetary windfall will give the region the support it needs in its economic restructuring. Moreover, the economic and business direction that the political leadership is following in Saudi Arabia is very wise indeed and they will reap its benefits in the long-term, and we strongly believe that our partnership with the senior management at Gulf One is necessary for them to provide the long-term financing schemes and debt instruments given their deep understanding of the region’s needs and transaction risks outlook.’’

Gulf One is headquartered in Bahrain with a $100 million paid up capital and will become operational in the second quarter of 2006. It will focus on wealth creation with added value to achieve economic and social prosperity. The bank also considers it essential that the private sector makes a major contribution by participating in these opportunities and that there is a need to develop financial houses that have the expertise to support the private sector’s participation.

Gulf One will provide services in restructuring and mergers & acquisitions (M&A), a presently non-existent but potentially lucrative segment that deals with overhauling business organizations in order to bring about greater efficiency to their operations, merging companies in order to bring synergy, greater overall efficiency and productivity.

Meanwhile, Singapore Commerce and Industry Minister Lim Hng Kiang met with Dr. Nahed to get familiar with prospects of cooperation in the areas of trade and industry.

The talks focused on Singaporean expertise in industries, ports management and aircraft services. It was supplementary to the previous meeting between Dr. Nahed and the Singaporean minister. Dr. Nahed briefed the minister on the objectives of the bank and its ambitious programs. She said the bank wanted to play a significant role in the economic transformation witnessing the Gulf region, especially Saudi Arabia. “We also intend to finance mega projects in the areas of petrochemicals and energy,” she added.