Consortium acquires Qatar Engineering & Construction Company

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Doha, 11 October 2009: A Consortium comprising of institutions from Qatar and Bahrain announces that it has acquired Qatar Engineering & Construction Company WLL (QCon)Qatar Engineering & Construction Company WLL (QCon), one of Qatar's leading industrial engineering and construction contracting companies specialising in the Oil & Gas, Petrochemical, Power and other industrial infrastructure sectors. The transaction sees Qatar America Asia Consortium (QAAC), Bahrain-based Unicorn Investment Bank (Unicorn)Unicorn Investment Bank (Unicorn), Qatar First Investment Bank (QFIB)Qatar First Investment Bank (QFIB) and The First Investor (TFI)The First Investor (TFI) acquire 100% of QCon from Qatar ShippingQatar Shipping. QAAC is the Co-Originator of the transaction, with UnicornUnicorn acting as Co-Originator and Arranger. The Consortium formed a close partnership to structure the transaction according to Shari'ah principles. QFIBQFIB and TFITFI are the largest shareholders in the Consortium, having each acquired a 41% stake in QCon.

Established in 1975, QCon is organised along three main business lines: Engineering, Procurement and Construction (EPC); Maintenance; and Fabrication. The company has successfully executed over 1,400 construction projects in a broad range of industrial sectors. QCon is the leading contractor in Qatar's Oil & Gas sector and is also the market leader in the provision of maintenance services. The company also has dedicated facilities to carry out the fabrication of heavy off-shore structures, including a topside production facility located in Qatar's Mesaieed Industrial City.

Commenting on the acquisition, Shaikh Ahmed Bin Mohammed Bin Jabor Al Thani, Chairman of QAAC, said: "We are proud to have formed a strategic alliance with three of the region's leading financial institutions to acquire QCon, and we are confident that the Consortium will be able to add tremendous value to the company as it enters the next phase of its growth."

Majid Al Sayed Bader Al-Refai, Managing Director and Chief Executive Officer of UnicornUnicorn, commented: "We are delighted to have put together a strong Consortium and to have the opportunity to partner with leading Qatari institutions to acquire QCon, an acknowledged heavyweight in the Qatar Oil & Gas sector. Our investment in QCon marks UnicornUnicorn's third investment in the regional energy sector in recent months and reflects our confidence in the ability of the sector to continue to drive regional economic growth."

QFIBQFIB

QFIBQFIB

Mohammed Abdulaziz Saad Al-Saad, Board Member of TFITFI, commented: "QCon is the market leader in the Qatari contracting and maintenance sectors and is an excellent position to grow, particularly given the company's long experience serving the largest industries in the region: Oil, Gas and Power. We look forward to working with our partners and with QCon's highly experienced management team to support the company's next phase of growth. We also intend to leverage the synergies with our other portfolio companies to achieve long-term growth for QCon."

Qatar ShippingQatar Shipping

Founded in May 2004 and based in Bahrain, Unicorn Investment BankUnicorn Investment Bank B.S.C. (c) (UnicornUnicorn) is an Islamic investment bank, with an international presence in Saudi Arabia, the United States, Malaysia and Turkey. UnicornUnicorn is built around six core business lines: Corporate Finance, Capital Markets, Private Equity, Asset Management & Real Estate, Strategic Mergers & Acquisitions and Treasury. To date, UnicornUnicorn has advised, structured and successfully placed deals with a total value of approximately US$4 billion. The Bank has achieved consistent growth since its inception and has received widespread industry recognition for excellence and vision.

ABOUT QATAR FIRST INVESTMENT BANK
Qatar First Investment Bank (QFIB)Qatar First Investment Bank (QFIB) is a fully Shari'ah compliant investment bank based in Qatar and is the first stand-alone Shari'ah compliant investment bank to be licensed and regulated by the Qatar Financial Centre. Launched in March 2009, the Bank has an authorized capital of QAR 3.65 billion (US$1 billion) and a paid up capital of QAR 1.6 billion (US$430 million). It was established to capitalize on viable investment opportunities in Qatar and the broader Middle East and North Africa region and operates four core business lines including; private equity, strategic investments, corporate finance advisory and asset management. QFIBQFIB is managed by a select team of multinational investment professionals with extensive experience working in the GCC and internationally.

ABOUT THE FIRST INVESTOR
The First InvestorThe First Investor Q.S.C.C. (TFITFI) is the largest closed shareholding Qatari investment banking firm based in Qatar and is regulated by Qatar Central Bank. TFITFI embarked on a path to reach the forefront of the leading investment banking firms. TFITFI provides key financial services and solutions to customers ranging from individuals to corporations and institutions while ensuring compliance with Shari'a laws. The company has also developed specialized services that are provided by its three business units which include, Investment Banking, Real Estate Advisory, and Asset Management, with a variety of solutions that meet and exceed clients' requirements.

www.tfi.com.qa

UnicornUnicorn

Mary Khamasmieh
Media Relations Manager
BME PR
Mobile: +971 50 2731 753
Email: mary.khamasmieh@bmepr.com

Samar Atassi
Corporate Communications
Qatar First Investment Bank
Phone: +974 448 3355
Email: Samar.Atassi@qfib.com

Bana Al Muftah
Corporate Communciations
The First Investor
Phone: +974 459 6131
Email: balmuftah@tfi.com.qa

© Press Release 2009