DUBAI, 23 September 2007 — Ithmar Capital has successfully completed the acquisition of the entire new share issue of Kuwait’s Mushrif Trading & Contracting Company (MTCC), a leading GCC construction firm. Under the agreement, Ithmar Capital’s UAE affiliate Gulf Consortium 2 has acquired 30 million shares at a cost of approximately AED355 million (approximately $97 million). The use of the proceeds will allow Mushrif to further expand its business into the UAE market through acquiring major UAE construction businesses. Under a management and shareholding agreement between the two, Ithmar Capital/Gulf Consortium 2 now holds three seats on the MTCC board of directors. The deal was signed at a meeting held at KAMCO (KIPCO Asset Management Company) offices in Kuwait by Khaldoun Haj Hassan, co-founder and managing partner, Ithmar Capital and Fahed Al Wazzan, chairman of MTCC.

DFM Institutional Investment Rises

Arab News

DUBAI — Dubai Financial Market announced yesterday that the value of shares and bonds bought by foreign investors, or non-UAE nationals during Sept. 16-20 reached AED1.281 billion, comprising 33.6 percent of the total value of stocks traded during the period. Net foreign investment on the market reached AED292.7 million during the same period. The value of stocks bought by institutional investors during last week reached AED1.451 billion, comprising 38.1 percent of the total value of stocks traded during the period. The value of stocks sold by institutional investors during the period reached AED874.1 million which constitutes 22.9 percent of the total value of stocks traded during the period. Net institutional investment on the market reached AED577.1 million during the period.

Metito Ties Up With IFC

Arab News

DUBAI — Metito, the international desalination, water and wastewater treatment specialist, has partnered with IFC, a member of the World Bank Group, to increase its capital and finance its expanding projects in water and wastewater infrastructure in the Middle East and North Africa. IFC will subscribe to 7.4 percent equity and provide a long-term loan that will enable Metito to ramp up its operations and support a $250M increase in revenue. Mutaz Ghandour, chief executive officer of Metito, said, “we welcome this strategic partnership with IFC which will enable Metito to undertake other water treatment projects in the region to address the water supply challenges.”