RIYADH, 11 November 2007 — The newly-formed investment and asset management arm of the National Commercial Bank, NCB Capital (NCBC), launched a new investment product dubbed AlAhli BRIC Secured Equity Fund which would invest in Shariah-compliant companies in the surging economies of the four BRIC countries: Brazil, Russia, India and China.

“These four emerging markets have one thing in common, fast growth,” said Ayman Bajsair, head of product development at NCB Capital Investment Services. “In fact, these four economies are growing so fast that they will soon become the biggest economies in the world.”

“We have developed this new fund on the basis of market research, which showed that many of our clients want to invest in the BRIC countries because they are aware of the potential for fabulous returns, but are worried about losing their capital, “ Bajsair said. “Since we look for more for our investors, we have carefully crafted this fund, which has a minimum investment amount of $30,000, to be Shariah-compliant and secured through Murabaha with capital protection.”

The NCB Capital “AlAhli BRIC Secured Equity Fund” is formed with a definite life of two years and is invested only in 30 companies whose commodities and services are Shariah- compliant.

Beginning Monday, Bajsair said that the fund will be open for investment to locals and expatriates as well as for corporate clients. “We are offering the fund specifically to investors who are looking for an exciting opportunity to share in the great wealth that is being generated by these four countries, without any risk whatsoever to their investment.”

In addition to the other advantages, Loai F. Bafaqeeh, vice president Marketing NCB Capital, said “this fund is a golden opportunity for investors who want to benefit from global diversification of their portfolios and, coincidentally, the four BRIC countries just happen to be distributed in Europe, South America, Asia and the Far East; which provides investors with a strategic benefit to the fund. Furthermore, the economic activities of the four BRIC countries are significantly distinct, which allows for sector diversification as well.”

Brazil’s wealth derives from an abundance of mineral resources, including iron, steel, aluminum, gold and precious stones; agricultural products such as coffee, soybeans, sugar, oranges, cocoa and tobacco; livestock products including meat, poultry and leather footwear; and wood products such as pulp, paper, veneer and plywood. Equally rich in natural resources, the vast territory of Russia, the world’s largest country in terms of area, is endowed with great reserves of oil, natural gas, metals and timber, which together account for more than 80 percent of exports.

On the other hand, the economy of India is booming as a result of its huge population, which provides a variety of service skills, and a thriving IT sector which is on the way to becoming the world leader in computer software development, and China’s dominance in manufacturing due to a vast low cost labor market.

“These four large, dynamic countries are undergoing rapid industrial expansion, have strong consumer and export growth, are enjoying substantial foreign direct investment (FDI) and are in the process of becoming a much larger force in global economy, Bafaqeeh said.

Emphasizing the extraordinary opportunities open to investors who are looking beyond the G-6 countries, Saeed Al-Bataki, vice president and senior development manager of NCB Capital, said: “We believe that the BRIC economies are the most promising way forward for long-term investment growth. BRIC equity portfolios have an excellent performance over the periods of one, three and five years and the four countries’ stock markets have been skyrocketing, with total returns averaging out to 44.1 percent annually over the past three years and 33.6 percent annually over the past five years.”

NCBC aims to be the leading investment bank and asset management house in the region.